An Intangible Asset is an identifiable non-monetary asset that is a non-physical asset having a useful life greater than one year. The Intangible Asset is a resource, controlled by the entity as a result of past events and from which future economic benefits are expected. The Intangible Asset is: 1) Limited-life intangible assets, such as patents, copyrights, and goodwill, and 2) Unlimited-life intangible assets, such as trademarks, and includes reputation, name recognition, and intellectual property such as knowledge and know how. (Refer to the Tangible Asset, Intangible Fixed Asset)
Related Definitions in the Project: The Business Organisation; Commercial Definitions; Project Management; Operation and Maintenance
