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How long to amortize for?
I am needing information on what length of time to amortize an asset over? Is there information on how long to use or does it depend on the asset? For example if you have a vehicle or a computer, how is it decided on the number of years to amortize? Please point me in the correct direction for information.
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There are industry standards on specific assets. Amortization refers to non-tangible assets and typically have set guidelines. Prior to FAS 142, intangibles were typically amortized of 40 years.
Accountants can vary from industry standards if they can justify it. Perhaps, your asset was purchased used, so using a standard useful life would be misleading. You should research more specifically on FASB.org for information pertaining to your situation. |
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