Gaap requires that the long term assets should be

Reference no: EM13604617

GAAP requires that the long term assets should be depreciated over their useful life, but if we review the balance sheets of the companies we notice that Land is not depreciated though it is also a long term asset. Similarly some intangible assets are amortized like patents but goodwill is not amortized though it is also an intangible asset. Do you think it is right? Why or Why not?

Reference no: EM13604617

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