Intangible assets, such as patents and trademarks, are amortized into an expense account called amortization. Tangible assets are instead written off through depreciation.
An intangible asset is an asset that lacks physical substance. Examples are patents, copyrights, franchises, goodwill, trademarks, and trade names, as well as software. This is in contrast to physical assets (machinery, buildings, etc.) and[1] financial assets (government securities, etc.). Intangible assets are usually very difficult to value. They suffer from the typical market failures of non-rivalry and non-excludability.[A large part of a company's economic value (NPV) today is made up of intangible assets.
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