An intangible asset is an identifiable, non-quantifiable asset without any physical substance.
- This asset can be identified whiten it is separable or when it comes to light from legal and contractual rights.
- Separable assets are the assets that can be licensed, transferred, or sold.
- Import quotas, copyrights, films, patents, trademarks, licenses, and software are intangible assets.
- So, we can say that patents and copyrights are classified as intangible assets on the balance sheet.
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