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What actually is Intangible asset?
The term Intangible assets can be stated as the non-monetary assets, which neither be viewed, physically measured, or touched, and which are formed with effort and time and is considered as an individual asset. This asset is also known as non-current or long-term assets, due to the reason that, they give benefits over a particular time period. It generally comprises copyrights, patents, franchises, goodwill, trade names, trademarks, reputation, name recognition, and intellectual assets like knowledge and know how, the general interpretation as well comprises software and other intangible computer based belongings.
It can't be demolished by the storm, fire, or by accidents. It can be generally categorized into two, on the basis of the specifics of the asset.
Types of Intangible assets:
- Purchased intangible assets:
- Internally created intangible assets
- Finite life intangible assets
- Unlimited life intangible assets
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Accounting for Intangible Assets related topics, in which our Tutorsglobe deal with:
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