UK Accounting Glossary
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.
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.
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Definitions for Useful Economic Life are sourced/syndicated from:
This glossary post was last updated: 4th May 2019.