Section 2: 30–40%2F
Intangible Assets
Intangibles are non-physical assets with economic value: patents, trademarks, goodwill, customer lists. The exam focuses on which intangibles are capitalized vs. expensed, the amortization rules (finite vs. indefinite life), and goodwill impairment testing.
What AICPA Wants You to Know
- 1Distinguish identifiable intangibles from goodwill
- 2Apply finite-life and indefinite-life amortization rules
- 3Calculate goodwill in a business combination and perform goodwill impairment testing
- 4Expense research and development costs correctly under ASC 730
- 5Apply the rules for internally generated intangibles (mostly expensed)