INTANGIBLE ASSETS:

The assets having no physical existence, cannot be seen, touched or felt are called intangible assets, e.g. patent right, copy right, goodwill, trade mark, brand, franchise etc. but financial assets are not included in intangible assets like investments in Stocks, Debentures etc. of other organizations. These assets cannot be damaged or broke by fire, flood, or accident etc. These assets are considered long term assets and are amortized mostly by using straight line method over their life like tangible assets.  If these assets are acquired from other organization then these are recorded at fair value while if these assets are internally generated then these are recorded on cost basis.

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