Intangible Assets

Intangible assets are things of value that can’t be touched, they have no physical presence. They include legal protections such as patents, copyrights and franchise agreements. They also include other intangible assets such as covenants not to compete, goodwill, and workforce in place.

Intangible assets are amortized not depreciated. They are often listed in a separate category on a classified balance sheet.

https://accounting.uworld.com/cpa-review/lc/accounting-dictionary/term/intangible-assets/