Intangible assets have three main characteristics: identifiable, non$-$physical existence, and non$-$financial assets. Some intangible assets have a limited useful life, and some have unlimited useful life.

Required:

i$)$ Discuss why intangible assets are categorized as assets despite having no physical substance.

ii$)$ Give ONE $(1)$ example of an intangible asset with a definite useful life and ONE $(1)$ example of an intangible asset with an indefinite useful life.

iii$)$ Explain how the intangible asset should be recorded and disclosed after the recognition