How to setup and create Indefinite Life assets
Summary:
We currently have intangible assets such as software that default to a three-year useful life and are set to depreciate in the system. However, we now intend to add an intangible asset with an indefinite useful life.
Since this asset will not be amortized, we will continue to classify it as an indefinite-life asset until a finite useful life is determined. During this indefinite period, we will perform impairment testing at least annually, and if any impairment is identified, an impairment loss will be recorded accordingly.
Could you please advise how to add this type of asset in the system and how to handle it in system operation throughout its lifecycle? (such as impaiment and change to finite useful life asset)