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What are the six criteria of identifying an intangible asset? I keep on getting stuck on...

What are the six criteria of identifying an intangible asset? I keep on getting stuck on this concept.

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Answer #1

FASB has classified intangible assets into 6 major categories-

a) Technology based-Technology based category include patents

b )Marketing absed-These category include trademarks

c) Artistic based-These categories include copyrights

d) Customer related-Database information of customers is intangible asset and categiorised under this category

e) Contract related-Franchise are part of this category

f) Goodwill-Only goodwill which is purchased is recorded as intangible asset

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