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What is an intangible asset?

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تم إضافة السؤال من قبل Muhammad Owais Anwar , Financial Auditor , Deloitte - Saudi Arabia
تاريخ النشر: 2014/01/07
Rehan Qureshi
من قبل Rehan Qureshi , Financial Consultant , Self Employeed

Definition of 'Intangible Asset'

An asset that is not physical in nature. Corporate intellectual property (items such as patents, trademarks, copyrights, business methodologies), goodwill and brand recognition are all common intangible assets in today's marketplace. An intangible asset can be classified as either indefinite or definite depending on the specifics of that asset. A company brand name is considered to be an indefinite asset, as it stays with the company as long as the company continues operations. However, if a company enters a legal agreement to operate under another company's patent, with no plans of extending the agreement, it would have a limited life and would be classified as a definite asset.

 

While intangible assets don't have the obvious physical value of a factory or equipment, they can prove very valuable for a firm and can be critical to its long-term success or failure. For example, a company such as Coca-Cola wouldn't be nearly as successful were it not for the high value obtained through its brand-name recognition. Although brand recognition is not a physical asset you can see or touch, its positive effects on bottom-line profits can prove extremely valuable to firms such as Coca-Cola, whose brand strength drives global sales year after year.

Mohammad Tohamy Hussein Hussein
من قبل Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

Non-physical assetssuch as an intellectual property.

mukkur srinivasan varadhan
من قبل mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

Intangible assets are thoseassets having monetary value. which are not having physical existence which cannot be seen and touched.But because of the long standing nature, credibility, profitability,specialised technical knowhow the company possesses and the legal right the company gets by registration or otherwise ,like goodwill .

mohamed sabeen
من قبل mohamed sabeen , QHSE Manager , Novus catering service

ntangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured, which are created through time and/or effort and that are identifiable as a separate asset. There are two primary forms of intangibles - legal intangibles (such as trade secrets (e.g., customer lists), copyrights, patents, trademarks, and goodwill) and competitive intangibles (such as knowledge activities (know-how, knowledge), collaboration activities, leverage activities, and structural activities). Legal intangibles are known under the generic term intellectual property and generate legal property rights defensible in a court of law. Competitive intangibles, whilst legally non-ownable, directly impact effectiveness, productivity, wastage, and opportunity costs within an organization - and therefore costs, revenues, customer service, satisfaction, market value, and share price. Human capital is the primary source of competitive intangibles for organizations today. Competitive intangibles are the source from which competitive advantage flows, or is destroyed. The area of finance that deals with intangible assets is known as Intangible Asset.The Uniform Commercial Code (Section9-102(a)(42)) defines "general intangibles" as"any personal property...other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter of credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. The term includes payment intangibles and software."

MALIIK SOHAIL ABBAS
من قبل MALIIK SOHAIL ABBAS , ACCOUNTS MANAGER , AL RAWDAH GREEN SWEET WATER

in tangilble assets which have no physical existance but value much more like good will , copy right , trade mark is knows as intangible assets

 

Ravi Chhantel
من قبل Ravi Chhantel , Assistant Finance Manager , Tiger Palace Resort

assets that physically do not exists.

Akram Massoud
من قبل Akram Massoud , FINANCE MANAGER , Autoexcellence LTD

IAS38 Intangible Assets outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortised).

Noufal Areettakkunnummel
من قبل Noufal Areettakkunnummel , Senior audit Assistan , Lulu Saudi Hypermarkets LLLC

asset which are not physically measured,physically seen etc.... 

Eg: - Good will , trademark,Copyright Etc... 

Mark Angelo Damuag
من قبل Mark Angelo Damuag , Financial Analyst , Evacare Management Consultancy Inc

It is an asset with future economic benefit but with no physical substance.

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