Intangible Asset

An asset that lacks physical substance but, like all other assets, represents rights, privileges, and future economic benefits that result from ownership. Even though certain types of current assets may lack physical substance, the general practice followed is to use the term intangible asset only when referring to long-lived assets (or non‑current assets) which lack physical substance. (II-21)

Authorization Path: 2.2.5.2.43.1