An asset that has no physical substance. Typically, intangible assets are non-physical and non-monetary assets. For example, marketable securities and loans are financial assets, but not intangible assets. Likewise, inventories and fixed assets, like property and equipment, are physical assets. For an asset to be recognized as an intangible asset, there are two criteria:

• It has to be identifiable- that is, separable, or capable of being separated or spun off for disposal (sale, transfer, rent, exchange, etc.) as well as it has to arise from contractual rights (and any other legal rights), whether such rights are transferable or separable from other rights/ obligations, or not.
• It has to be able to produce future economic benefits, and its cost must be reliably measurable.

Examples of intangible assets include patents, goodwill, copyrighted materials, etc. Intangible assets may also come in the form of internal-use intangibles (back-room intangible assets) such as technical documentation, engineering drawings, operating procedures, employee manuals, a trained and well-positioned workforce, etc.