1) Intangible assets are non-physical assets that provide long-term benefits to a company such as patents, copyrights, and goodwill. 2) The costs of intangible assets are capitalized and amortized over the shorter of their legal or economic useful life. Amortization expense is recorded systematically over time. 3) Examples of intangible assets include patents, copyrights, trademarks, goodwill, franchises, and research and development costs. The accounting treatment depends on whether the asset was internally generated or purchased.