Intangible Assets are identifiable non-monetary asset that lacks physical substance. This is under PAS 38.

So, there are four characteristics to define intangible assets such as identifiable, non-monetary, no
physical substance and controlled by the entity.

First, when we say identifiable, it is either separable from the entity or arises from contracts or law.
Separable in a way that it can be sold, transferred, rented or it can be exchanged.

Second, it is non-monetary in a way that mahirap syang iconvert into cash or cash equialent.

Third characteristic is no physical substance kasi hindi natin sya nahahawakan and lastly, controlled by
the entity