The Asset which lacks physical substance.
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 (with very few exceptions like Goodwill) continuously lose their value over time which is being accounted for as Amortization.
It is similar to Depreciation of Tangible Assets.
Intangible Assets can be both Short Term (called Current Assets) and Long-Term.
See also
Business / Business Administration / Financial Management / Financial Accounting
[ Asset ] [ Fixed Asset ] [ Intangible Asset ] [ Current Asset ]
[ Amortization ][ Depreciation ][ Profit and Loss (P&L) ]