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