vida útil definida o indefinida
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predetermined or undetermined useful life

If the source text referred to assets such as machinery, rather than intangible assets, then 'service life' would be better than 'useful life'.

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Note added at 1 hr (2009-09-26 14:58:35 GMT)
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[PDF] Osem Investments Limited
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having an undetermined useful life, immediate recognition at the purchase date of profit and loss of negative goodwill from the acquisition after the offset ...
www.osem.co.il/Eng/_Uploads/111300606eng_isa.pdf - Similar[PDF] CMT White Paper Outline
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Myth #6 – “Re-certified tape media has an undetermined useful life.” Certified for reuse tape media and new tape media are the same in this regard. No ...
dual-life.com/dual-life/WhitePaperDL11_29_05_1_.pdf - Similar400 F.2d 427
In addition, even those locations covered by written contracts were generally renewed, giving them an undetermined useful life. KWTX Broadcasting Co., supra ...
bulk.resource.org/courts.gov/c/F2/.../400.F2d.427.24248.html - Cached - Similar[PDF] 18 - Beyond the GAAP - december 2008
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An undetermined useful life does not mean that it is indefinite. ‡ Presentation of financial statements. This topic is covered by 4 extracts from the ...
www.set-revision.se/Global/Dokument/.../Nr 200812.pdf - Similar

When it comes to intangible assets, a simple translation would do, I think.

defined Adjetivo

1. definido; Sinónimos: clear-cut, distinct, bounded, determinate

undefined Adjetivo

1. indefinido, no especificado, sin forma; Sinónimos: indefinite, uncertain, imprecise, indeterminate,


Mongolian Business Guide - ECONOMIC ENTITY INCOME TAX /Newly Drafted/
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Intangible asset with undefined useful life. 10. 5. Intangible asset with defined useful life (includes license for mineral exploration and extraction) ...
mongolia.smetoolkit.org/.../ECONOMIC-ENTITY-INCOME-TAX-Newly-Drafted- -

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The following terms can be found in the 2008 edition of Accounting Trends and Techniques published by the AICPA:
definite-lived assets
indefinite-lived assets
definite-lived goodwill
definite lived-intangible assets
intangible assets with finite useful lives

Following is a paragraph where some of these terms are used:
Note 2 (In Part) Summary of Significant Accounting Policies
Intangible Assets
Our intangible assets consist of (a) definite-lived assets subject to amortization such as patents, favorable customer contracts, customer relationships and backlog, and (b) indefinite-lived not subject to amortization such as goodwill and trademarks. We calculate amortization of definite-lived intangible assets on a straight-line basis over the estimated useful lives of the related assets ranging from less than one year for backlog to in excess of twenty-five years for customer relationships.
Page 189
Section 2.133
Accounting Trends and Techniques - 2008 edition

Hope this helps.
In my 21st year of translating for Mexico City based member firms of big 4 and second tier international public accounting firms (PwC, KPMG, Grant Thornton, RSM, etc.), as well as other financial entities.


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Note added at 4 hrs (2009-09-26 18:15:20 GMT)
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More information from the 2008 edition of Accounting Trends & Techniques published by the American Institute of Certified Public Accountants (AICPA) is transcribed below:

Page 187
INTANGIBLE ASSETS
2.127 SFAS No. 142, Goodwill and Other Intangible Assets, specifies that goodwill and intangible assets that have indefinite useful lives will not be subject to amortization, but rather will be tested at least annually for impairment. In addition, the Standard provides specific guidance on how to determine and measure goodwill impairment. Intangible assets that have finite useful lives will be amortized over their useful lives. SFAS No. 142 requires additional disclosures including information about carrying amounts of goodwill and other intangible assets, and estimates as to future intangible asset amortization expense. SFAS No. 141 (Revised), Business Combinations, Amends SFAS No. 142 to provide guidance on the impairment testing of acquired research and development intangible assets and assets that the acquirer intends not to use. It applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008 with early adoption prohibited.

Note that the term "useful life / useful lives" is used left and right in these texts extracted from the Accounting Trends and Techniques, which is my most reliable source of information or reference material when translating financial statements. Former ATA President, Tom West, recommends using monolingual reference material and transcend what is available in bilingual dictionaries. "Useful life / Useful Lives" is the term used by accountants in the US.

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Note added at 4 hrs (2009-09-26 18:24:42 GMT)
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The following definition appears in Barron's Accounting Handbook which contains Barron's Dictionary of Accounting Terms:
USEFUL LIFE - typical operating service life of an asset for the purpose it was acquired. The term usually applies to fixed assets. The useful life used for depreciation accounting does not necessarily coincide with the actual physical life or any commonly recognized ECONOMIC LIFE. See also DEPRECIABLE LIFE; DEPRECIATION.

Complete phrase: "vida útil definida o indefinida" = "definite or indefinite useful life" for intangible assets, confirmed by the ff online Search references:

If it is subsequently determined that the intangible has a definite useful life, the asset should be tested for impairment in accordance with paragraph 17. The intangible asset ...
www.wku.edu/~jack.hall/fas142.htm - [cache] - Bing, Ask

Intangibles - Sale ofnew windowpreviewpreviewshow in clusters
If the intangible asset has a definite useful life, such as a patent or a contract with a fixed term, then amortization of the cost ...
www.pro1040.com/intangibles__sale_of.htm - [cache] - Bing, Ask

NH Hotelesnew windowpreviewpreviewshow in clusters
All other intangible assets are deemed to have a “definite useful life”. Intangible assets with indefinite useful lives are not depreciated.
corporate-information.nh-hotels.com/.../2005/archivos/2005_2-6_02.htm - [cache] - Bing, Ask

The Playfair Group - Intangible Asset Managementnew windowpreviewpreviewshow in clusters
Audit services – identification, capture, and classification of intangible assets including trade secrets, ... Valuation services – purchase price, cost allocation, useful life test,
www.theplayfairgroup.com/solutions_sfas.html - [cache] - Ask

The Playfair Group - Intangible Asset Managementnew windowpreviewpreviewshow in clusters
SFAS 142, paragraph 11 defines the useful life of an intangible asset to an entity, as “the period over which the asset is expected to contribute directly or indirectly to the future cash flows...
www.theplayfairgroup.com/p_sec_sfas_141_142.html - [cache] - Ask

[PDF]Exposure Draft of the Standard of GRAP on Intangible Assetsnew windowpreviewpreviewshow in clusters
Definition of intangible assets •Definition of IA-Identifiable non-monetary asset ... Review amortisationperiod and method annually-Finite useful life-Definite useful life
www.ipfa.co.za/download/Intangible_assets_-_ASB_1150804071.... - [cache] - Bing

Fair-Value Accountingnew windowpreviewpreviewshow in clusters
If the intangible asset has a definite useful life, amortization is required over the life of the asset. If the intangible asset has ...
www.nysscpa.org/cpajournal/2006/406/essentials/p37.htm - [cache] - Bi