Lesson: Classification of Intangible Assets

In this lesson, dive into the world of intangible assets with Nick Palazzolo, CPA, who breaks down their different classifications. Nick demystifies the common types of intangible assets such as patents, copyrights, and goodwill, explaining how specifically and non-specifically identifiable assets differ. He delves into the accounting treatment of purchased versus internally developed intangible assets, clarifying what costs should be capitalized according to US GAAP. Nick also covers the exceptions for capitalization, including the direct costs associated with securing and defending intangible assets, ensuring that all necessary details for proper classification are clearly outlined.