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”.