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Intangible assets with indefinite useful lives are reassessed each year for impairment. If an impairment has occurred, then a loss must be recognized. An impairment loss is determined by subtracting the asset's fair value from the asset's book/carrying value. Trademarks and goodwill are examples of intangible assets with indefinite useful lives.
The Urgent Safeguarding List now numbers 35 elements. The Intergovernmental Committee also inscribed 25 elements on the Representative List of the Intangible Cultural Heritage of Humanity, which serves to raise awareness of intangible heritage and provide recognition to communities' traditions and know-how that reflect their cultural diversity.
The Convention for the Safeguarding of the Intangible Cultural Heritage [4] defines the intangible cultural heritage as the practices, representations, expressions, as well as the knowledge and skills (including instruments, objects, artifacts, cultural spaces), that communities, groups, and, in some cases, individuals, recognize as part of their cultural heritage.
Several manifestations of intangible heritage around the world were awarded the title of Masterpieces to recognize the value of the non-material component of culture, as well as entail the commitment of states to promote and safeguard the Masterpieces. [2] Further proclamations occurred biennially. [3]
Cultural property includes the physical, or "tangible" cultural heritage, such as artworks. These are generally split into two groups of movable and immovable heritage. Immovable heritage includes buildings (which themselves may include installed art such as organs, stained glass windows, and frescos), large industrial installations, residential projects, or other historic places and monum
American soldiers had to act that way, Tremillo recognizes, “in order to stay safe.” But the moral compromise, the willful casting aside of his own values, broke something inside him, changing him into someone he hardly recognizes, or admires. For many who experience such moral injury, the shock and pain fade over time.
Cultural heritage has been described as the 'most distinguishing form of a culture's expression' and includes both tangible and intangible elements such as 'traditional dances, customs and ceremonies'. [10] Cultural property is the essential elements of a culture that allow it to determined and identified. [10]
Editor’s note: This article was updated on June 14, 2022, to correct MGIC Investment Corporation’s price to tangible book value. These six standout financial stocks are attractive to value ...