...
Typical Intangible Assets include R&D, patents, copyright, franchises, goodwill, trademarks, trade names, software and other computer-based facilities.
The Financial Accounting regulations assume that all Intangible Assets normally lose (with very few exceptions) continuously lose their value over time which is being accounted for as as Amortization.
It is similar to Depreciation of Fixed AssetsAmortization in Financial Accounting.
Intangible Assets can be both Short Term and Long-Term.
...
[ Asset ] [ Fixed Asset ] [ Intangible Asset ] [ Current Asset ]
[ Amortization ][ Depreciation ][ Profit and Loss (P&L) ]