Determining the useful life of an intangible asset is important as this is the period over which the intangible asset is amortized. Which of the following statements is INCORRECT when determining the useful life of an asset? select the one incorrect option, and then click Submit. An intangible asset with an indefinite useful life shall be assessed for impairment only when there is an indication that the intangible asset may be impaired. The useful life of an intangible asset may be dependent on the useful life of other assets in the entity The useful life of an intangible asset is either the period over which the asset is expected to be available for use by the entity, or the number of production or similar units expected to be obtained from the asset by an entity. If the useful life of the asset is determined to be indefinite, the asset is not amortized. A conclusion that the useful life of an intangible asset is indefinite should not depend on planned future expenditure in excess of that required to maintain the asset at that standard of performance