An intangible asset is an identifiable non-monetary asset without physical substance held for use in the production or supply of goods or services.
Definition:
- Is separable from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, asset or liability; or
- Arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.