FAR 12 - Intangible assets

Question 1

how are intangible assets with finite lives amortized?

Answer 1

Their estimated useful lives

Question 2

How are cloud computing arrangements that don’t include software licenses treated?

Answer 2

AS SERVICE CONTRACTS AND EXPENSES AS BENEFITS ARE RECEIVED

Question 3

CAN YOU capitalize customized software?

YES OR NO?

Answer 3

NO

Customization costs are expensed if incurred during the preliminary stage but capitalized if during application development.

Question 4

What’s the one intangible asset that’s subject to the recoverability test?

Answer 4

Patent