Auditing - Meaning and Definition of Intangible Assets | 12th Auditing : Chapter 5 : Verification and Valuation of Current and Intangible Assets
Chapter: 12th Auditing : Chapter 5 : Verification and Valuation of Current and Intangible Assets
Meaning and Definition of Intangible Assets
Intangible assets are those assets, which do not have their form or physical existence.
Meaning and Definition of Intangible Assets
Intangible
assets are those assets, which do not have their form or physical existence.
However, they are part of business and appear in the Balance Sheet, like any
other assets, by virtue of their utility to the business. Goodwill, Patent Rights,
Copyrights, Trademarks are some of the examples of intangible assets. The cost
of intangible fixed assets are amortized over their useful life.
Intangible
asset is defined by International Accounting Standards Board as, “an
identifiable non-monetary asset without physical substance”.
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12th Auditing : Chapter 5 : Verification and Valuation of Current and Intangible Assets