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