Business, Legal & Accounting Glossary
The period for which the present owner of an asset will derive economic benefits from its use.
In standard accounting practices; a fixed asset is depreciated over its useful economic life; an intangible asset is also considered to have a finite useful life, and its value is amortized over this period.
The period for which the present owner of an asset will derive economic benefits from its use. Under Statement of Standard Accounting Practice 12, Accounting for Depreciation, an asset should be depreciated over its useful economic life.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Useful Economic Life are sourced/syndicated and enhanced from:
This glossary post was last updated: 10th August, 2019 | 0 Views.