Analyze the treatment of intangible assets under IFRS or GAAP. Explain the recognition and measurement of intangible assets, including purchased and internally generated assets, and the impact of amortization and impairment on financial statements.

Intangible assets are non$-$physical assets that provide future economic benefits. Explain the recognition criteria for intangible assets, including the distinction between purchased and internally generated assets. Describe how purchased intangible assets are measured at cost and amortized over their useful life. Discuss the treatment of internally generated intangible assets, such as research and development costs, and their recognition criteria. Analyze the impact of amortization and impairment on financial statements, including their effect on asset valuation and profitability.