CONCEPTUAL FRAMEWORK OF INTANGIBLE ASSETS WITH SPECIAL REFERENCE TO INDIAN ACTS

This paper tries to discuss the conceptual framework of Intangible assets. The existence of Intangible assets has been around for a long time. Thomas Edison created the first bulb had some extraordinary knowledge. That knowledge was an Intangible asset. People who created languages, religions, number system, currencies, printers, telephones, mobiles etc. possess immense knowledge and invented extremely valuable Intangible assets. Intangible assets are non-physical resources and rights that have value to the firm and give an additive advantage to the firm. Intangibles are classified in varied number of ways. Broadly, they are classified as identifiable and un-identifiable. Identifiable Intangible assets can be further classified as Acquired identifiable Intangible Assets and Internally Generated Intangible Assets. Acquired identifiable intangible assets consists of assets like purchased technology, customer lists etc. Intangible assets are considered internally generated if they are created or produced by an entity with the help of research and development. Efforts have been placed to provide an in depth knowledge about the intangible assets, their increasing importance in today‟s knowledge based economies, legal prospective attached to them, their valuation, problems in valuation and lastly problem faced with intangible.