Intangible Assets Flashcards
1
Q
What is an Intangible Asset?
A
An identifiable non-monetary asset that has no physical substance
2
Q
What are a few examples of intangible assets?
A
- Patents
- Trademarks
- Brands
- Copyrights
3
Q
What is the diference between internally generated and purchased goodwill?
A
Internally generated goodwill cannot be an intangible asset within the terms of IAS38
