Assets which don’t have a physical existence and can not be touched and felt are called intangible assets. Unlike tangible assets which can be touched & felt it is safe to say that intangible assets are nonphysical, invisible, long-term and difficult to quantify.
This type of asset can either be definite i.e. it will expire after a certain time period or indefinite i.e. it will not expire and is not time sensitive. For example patent is a definite intangible asset as it will expire after the time period for patent is over (usually 20 years), however, a company’s brand name will remain throughout the company’s existence.
They are expected to last for more than 1 year and are usually held for production or supply of goods/services, rent to others or for administrative purposes.
Examples of intangible assets are patent, licenses, brand name, logo, copyright, trademark, goodwill, intellectual property etc. They are not that easy to liquidate and sell in case of emergencies
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