What are intangible assets?
Intangible assets are non physical assets which hold value for a business. They lack a physical form but contribute to revenue generation.
What are examples of intangible assets?
Examples include patents, trademarks, copyrights, software, and goodwill.
Why are intangible assets important?
They often represent competitive advantage and long term value, especially in technology and brand driven businesses.
How are intangible assets recorded?
They are recorded on the balance sheet and amortised over their useful life if applicable.
What is the difference between identifiable and non identifiable intangible assets?
Identifiable assets can be separated and sold, such as patents. Non identifiable assets, such as goodwill, cannot be separated from the business.