Intangible Assets
Intangible assets are long term but have no physical substance.
Value comes from the long-term rights or advantages that it offers to its owners.
Intangible assets include patents, copyrights, leaseholds, leasehold improvements, trademarks and brand names, franchises, licenses, and goodwill.
They are accounted for at acquisition cost.
Goodwill and trademarks should not appear on the balance sheet unless they have been purchased from another party at a price established in the marketplace.