Etymology
The word "intangible" comes from the Latin root "tangere," which means "to touch." The prefix "in-" in this case means "not," so "intangible" literally means "not able to be touched."
Meaning and Origin
In the realm of accounting and finance, an intangible asset is a non-physical asset that has value but cannot be physically touched or held. These assets are often created through the acquisition of intellectual property, such as patents, trademarks, and copyrights. Intangible assets also include goodwill, which represents the value of a company's reputation and customer loyalty.
The concept of intangible assets has been recognized since the early days of accounting. In the 19th century, Scottish economist Adam Smith noted that certain assets, such as a company's reputation, could not be physically touched but still had value. However, it was not until the 20th century that intangible assets gained widespread recognition in accounting standards.
Today, intangible assets play a significant role in the financial statements of many companies. They can represent a substantial portion of a company's total assets and can have a major impact on its financial performance. As a result, the accounting treatment of intangible assets is carefully regulated by accounting standards boards around the world.
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