What is the difference between Intangible Assets and Intellectual property ? What would a website fall under ?

Answer 1

You have asked two questions, whose answers are as follows.

(1) Intangible Assets and Intellectual Property

A "tangible asset" (which in law is usually referred to as "tangible personal property") means something of value that can be touched and felt. Examples include a computer (the machine itself), the computer desk, etc.

Note that the word "personal" in the phrase "tangible personal property" refers to the difference between real property (land, buildings, etc.) and personal property (i.e. everything else except land, buildings and the like).

An "intangible asset" ("intangible personal property") means something that cannot be touched or felt. Thus, intellectual property (such as a copyright, patent, trademark, proprietary information, trade secret, etc.) as well as a website are "intangible assets" (more properly called "intangible personal property").

(2) Classification of a Website

A website is an "intangible asset", without doubt, since it clearly falls within its definition.

The interesting question is whether your particular website may be classified also as "intellectual property". All forms of "intellectual property" are "intangible assets", so there are many assets which are classified as both.

Most websites are not within the class of intellectual property, but yours may be, if your website contains significant, original information, in the nature of a copyrightable work. So, if you _could_ copyright your website, then you may classify it as "intellectual property".

See the links below for more information.

Hope this helps.

Answer 2

According to IAS 38, an Intangible asset: An identifiable nonmonetary asset without physical substance. An asset is a resource that is controlled by the enterprise 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. Thus, the three critical attributes of an intangible asset are: [IAS 38.8]

1. identifiability
2. control (power to obtain benefits from the asset)
3. future economic benefits (such as revenues or reduced future costs)

You can record your website under intangible asset provided you meet all the recognition criteria.

Examples of possible intangible assets include:

computer software
patents
copyrights
motion picture films
customer lists
mortgage servicing rights
licenses
import quotas
franchises
customer and supplier relationships
marketing rights

The four main types of IP are:
1. Copyright - Copyright protects material, such as literature, art, music, sound recordings, films and broadcasts.
2. Designs - Designs protect the visual appearance or eye appeal of products.
3. Patents - Patents protect the technical and functional aspects of products and processes.
4. Trade Marks - Trade Marks protect signs that can distinguish the goods and services of one trader from those of another.

However, IP also covers trade secrets, plant varieties, geographical indications, performers rights and so on.
Hence, intellectual property are intangible assets but not all intangible assets are IP.