Accounting question: Explain what is meant by the term 'intangible asset' and give examples?

Answer 1

The name 'McDonald's' is an intangible asset to the company. It carries value because it is known to people so they will eat at a restaurant that has that name. There is a monetary value ascribed to the brand name.

Answer 2

IAS 38 defines an intangible asset is an identifiable non-monetary asset without physical substance. A class of intangible assets is a grouping of assets of a similar nature and use in an entity’s operations. Examples of separate classes may include:
(a) brand names;
(b) mastheads and publishing titles;
(c) computer software;
(d) licences and franchises;
(e) copyrights, patents and other industrial property rights, service and operating rights;
(f) recipes, formulae, models, designs and prototypes; and
(g) intangible assets under development.

IAS 38 lists the criteria for recognition as an intangible asset.

Personally, I have not seen stocks and shares being included under intangible assets.

Answer 3

intangible means you can see or touch it in other words it has no physical form,intangible assets are like your bonds ,something you own but cant see or touch but causes an a flow of money into the business.

Answer 4

Intangible assets are assets with no form. But is worth sth and so a monetary value is attached to it, eg Goodwill.

Answer 5

intangible assets cannot be touched. stocks or bonds are examples.