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Amortization of Intangible Assets. To illustrate the amortization of an intangible asset, imagine XYZ Biotech spends $30 million dollars on a patent with a useful life of 15 years. Theoretically, to account for the expense over a 15-year period, XYZ Biotech records $2 million each year as an amortization expense.
Accounting Standards Codification 805 and 350 provide guidance for how long you may amortize depending on the type of intangible asset. In general, amortize the cost of intangible assets with determinable useful lives, such as patents and trademarks.