RSM220H1 Chapter Notes - Chapter 12: Intangible Asset, Financial Accounting, Relate
Document Summary
Intangible assets are: identifiable non monetary asset that lack physical substance, must have 3 characteristics. If it has at least one of the following characteristics: results from contractual or other legal rights, it is separable can be sep or divided from the entity and sold, transferred, licensed, rented or exchanged. In order to reco as assets, need to control access to future benefits and restrict others" access: control through. Having the ability to enter into exchange transactions related to the intangible. The value of intangible assets comes from the rights and privileges that are granted to company using them. If intangible component is not part of physical object, then classified as intangible asset. Monetary assets are whose value comes from the right or claim to received fixed or determinable amounts of money in future: intangible assets do not contain any such right or claim.
