Intangible Assets
An identifiable non-monetary asset without physical substance. An asset is a resource that is controlled by the entity as a result of past events (for example, purchase or self-creation) and from which future economic benefits (inflows of cash or other assets) are expected. [IAS 38.8]
The three critical attributes of an intangible asset are: 1) identifiability; 2) control (power to obtain benefits from the asset); 3) future economic benefits (such as revenues or reduced future costs).
Examples of intangible assets:
patented technology, computer software, databases and trade secrets trademarks, trade dress, newspaper mastheads, internet domains video and audiovisual material (e.g. motion pictures, television programmes) customer lists mortgage servicing rights licensing, royalty and standstill agreements import quotas franchise agreements customer and supplier relationships (including customer lists) marketing rights
Intangibles can be acquired: by separate purchase as part of a business combination; by a government grant; by exchange of assets; by self-creation (internal generation).
Moberly M. D. Safeguarding Intangible Assets. Woburn : Elsevier, 2014.
Nichita E.-M, Intangible assets – insights from a literature review, Accounting and Management Information Systems; Bucharest, 2019, Vol. 18, No. 2, p. 224–261