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Amortization of Intangible Assets. To illustrate the amortization of an intangible asset, imagine XYZ Biotech spends $30 million dollars on a patent with a useful life of 15 years. Theoretically, to account for the expense over a 15-year period, XYZ Biotech records $2 million each year as an amortization expense.
Amortization is the term used for the depletion of value for intangible assets, such as trademarks, computer software or loan reduction payments. Like depreciation expense, amortization expense is an income statement account that records the cost of amortization during the period.