Non-cash assets that have no physical existence and can provide the entity with services or benefits in the future. The entity acquired the right to them as a result of events that occurred or transactions completed in the past. Intangible assets may be separately identifiable (can be separated from other assets). Examples include incorporation costs, trademarks, copyrights, industrial models and designs, and franchise rights and licenses. Intangible assets may also not be separately identifiable, such as reputation, managerial skills and competencies, and other factors that constitute goodwill.