Intangible assets are valuable things a business owns that aren't physical, like patents or brand names. Some intangible assets are listed on a company's financial records, while others aren't. To be considered an asset, an intangible item must be identifiable, controlled by the business, and provide future economic benefits. If it doesn't meet these criteria, any costs to acquire it are treated as expenses. Costs like launching a new product or general overhead can't be included in the asset's value. If a business buys an intangible asset, it's assumed to meet all the criteria for recognition.