Definition of Intangible Asset

What is an "intangible asset"? What is the definition of the term "intangible asset"?

First off, let's define the term "intangible":

"Unable to be touched or grasped; not having a physical presence".

A tangible asset is an asset that has a physical presence. This would include things like land, buildings, factory equipment and more.

An intangible asset is an asset that doesn't have a physical presence, though it is still worth something.

Examples of intangible assets can include: patents, copyrights, software intellectual property and more.

From an accounting perspective, valuing and taxing intangible assets can be a complex issue. What is the value of a patent? How much of a company's brand name worth?

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