If an intangible asset has an (limited/indefinite) life, it is recorded as an intangible asset, but is not amortized.

The statement refers to the treatment of intangible assets based on their useful lives in accounting.

Intangible assets can have either a limited (or finite) life or an indefinite life.

1. Limited Life Assets: These intangible assets have a specified useful life over which they are amortized. This means that their cost is spread out over the duration of the asset's useful life through amortization expense.

2. Indefinite Life Assets: Intangible assets that have an indefinite life are not amortized because they are expected to provide economic benefits indefinitely. Instead, they are tested for impairment regularly. If it’s determined that their fair value has fallen below their carrying value, an impairment loss is recorded.

In summary, when an intangible asset has an indefinite life, it is recognized as an intangible asset on the balance sheet but is not subject to amortization, aligning with the guidelines set by accounting standards.