Intangible assets have no physical entity, but are represented by some legal right or technology. Including social intangible assets and natural intangible assets, in which social intangible assets usually include patents, non-patented technologies, trademarks, copyrights, concessions, land use rights, etc. Natural intangible assets include natural resources such as natural gas without physical form.
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Intangible assets can only be recognized when the following conditions are met:
1. The cost of this intangible asset can be measured reliably.
Self-created goodwill of enterprises and internally generated brands, registrations, etc. It should not be recognized as intangible assets because its cost cannot be measured reliably. The economic benefits related to this intangible asset are likely to flow into the enterprise.
2. As an intangible asset, the project must have the conditions that the economic benefits of its production are likely to flow into the enterprise. Because the most basic feature of assets is that the expected economic benefits generated are likely to flow into the enterprise, if the expected economic benefits generated by a project cannot flow into the enterprise, it cannot be recognized as the assets of the enterprise.
In accounting practice, to determine whether the economic benefits created by intangible assets may flow into enterprises, it is necessary to make reasonable estimates of various economic factors that may exist in the expected service life of intangible assets, and should be supported by clear evidence.
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