Define patents and goodwill, which are both intangible assets. Explain how the accounting differs between a patent and goodwill. assets. A patent provides the right to make use of an invention or process for a of time, usually another company over the sum of the of its net asset. A patent has life, which may be Patents and goodwill are both 20 years Goodwill is the excess of cost of measured, goodwill has A patent is amortized over The amortization is recorded as. life. Amortization is usually computed using the Debit Credit XX The value of goodwill it is impaired. Impairment results when the recoverable amount for the goodwill is the carrying amount Define patents and goodwill, which are both intangible assets. Explain how the accounting differs between a patent and goodwill, A patent is amortized over Amortization is usually computed using the The amortization is recorded as Debit Credit XX The value of goodwill it is impaired. Impairment results when the recoverable amount for the goodwill is IFRS requires that companies review the value of their goodwill and write down the value of the goodwill if it is the carrying amount the carrying amount The write down is recorded as: Debit Credit XX Choose from any drop-down list and then continue to the next