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Economic Benefits
The advantage that an entity receives in terms of increased cash flows, cost savings, or other financial gains.
Patent Amortization
This refers to the systematic reduction over time of the book value of a patent, treated as a non-cash expense on the income statement, reflecting the expiration of the patent's useful life.
Amortization Period
The amortization period is the duration over which an intangible asset's cost is gradually expensed or written off through systematic charges to income.
Impairment
The reduction in recoverable value of a fixed asset or goodwill below its carrying amount on the balance sheet, leading to a charge against earnings.
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