Q1: What do you think Intangible assets are?
“An intangible asset is an identifiable non-monetary asset without physical substance.”
AASB 138 Intangible Assets para 8
We can see from this definition that Intangibles assets need to have a number of features. They need to be ‘identifiable’, they are ‘non-monetary’ and they also lack ‘physical substance’. We also know from our definition of assets generally (AASB CF Framework para 49 (a)), that we need to control the asset and we also need to expect we will receive future economic benefits from that asset.
Study Guide Chap 5 page 5-16