Best Practices in Fixed Asset Management:
A Resource Guide for Intangible Assets
A Companion for Capitalizing Intangible Assets for GAAP and Tax Reporting
Intangible assets, such as goodwill, computer software, customer lists, etc., lack physical substance and, therefore, cannot be seen or touched. While tangible assets are depreciated, intangible assets are generally amortized. Amortization is similar to depreciation as it is used to indicate a decline in an asset’s value and to match income with expense. The principal difference is that amortization always uses the straight-line method for tax reporting purposes and generally uses the straight-line method for financial reporting purposes. However, the rules for amortizing intangible assets are very different for Generally Accepted Accounting Principles (GAAP) than those according to the IRS.
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