Definition of an intangible asset An intangible asset is an identifiable non-monetary asset without physical substance. The asset must be: ■ Controlled by the entity as a result of events in the past ■ Something from which the entity expects future economic benefits to flow ‐----------------------------------------------------------------------------- An intangible asset, when recognized initially, must be measured at cost. It should be recognized if, and only if both the following occur. 1.) 'I

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