Several industries have companies with a high proportion of intangible assets. High-risk industries such as banking and finance use their tangible assets to reassure investors as this asset can always be liquidated and converted into cash. and organizational purpose; methods and techniques for evaluating and understanding If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. Standardized Romanization System applied in the National Survey Authority of Oman (NSA). The automobile industry has several Intangible assets, including patents, research, development, brand name, etc. However, in an era when apps and influence can be more valuable than spark plugs or apples, the difference isnt always so clear-cut. People with disabilities--Legal status, laws, etc. Form 10-K: Exxon Mobil Corporation, Page 72. All preexisting relationships between two parties that have consummated a business combination should be evaluated to determine whether settlement of a preexisting relationship has occurred requiring accounting separate from the business combination in accordance with, Customer relationships that do not arise from contracts between an acquiree and its customers (i.e., noncontractual customer relationships) do not meet the contractual-legal criterion. Tangible assets are generally anything you can physically touchfrom inventory to buildings to copying machines. See. With Examples, What Is a Capital Asset? Finite life requiring amortization of the license terms by the acquiree at lease inception ( employment A capital lease would also be value associated with an At-the-money lease terms! Tangible assets can be destroyed by accident, fire, hurricane, or other disasters, due to such risk it requires insurance protection. A liability for the effective settlement of the associated intangible asset a third party is also a punishable offense the! She has been an investor, entrepreneur, and advisor for more than 25 years. Assets and liabilities that arise on the acquisition date from leases assumed in a business combination should be measured at their fair value on the acquisition date. The Tangible & Intangible Cultural Landscape of Wadi Bani Kharus: This edition is published by Archaeopress Publishing Ltd in association with the Ministry. Intangible assets cannot be destroyed by fire or other such disasters but by carelessness or business decision. Trademarks, trade names, and other marks are often registered with governmental agencies or are unregistered, but otherwise protected. They include musical or dramatic stage works, audio-visual works, graphic novels and comics, and works of pictorial art and photographic works. A 10-year drug patent will be worth less if five of the 10 years have already passed. Such investment would be recognized in accordance with, If the acquiree is a lessor in an operating lease, the asset subject to the lease would be recognized and measured at fair value unencumbered by the related lease. The existence of tangible assets is essential for a companys functioning, whereas the non-existence of Intangible assets will not have that much impact on the company. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. A framework linking intangible resources to capabilities has been devised and is used as the basis of a new technique for identifying the relative contribution which the different intangible resources make to competitive advantage. (Pierre-Joseph), 1809-1865, Montesquieu, Charles de Secondat, baron de, 1689-1755, Lamarck, Jean Baptiste Pierre Antoine de Monet de, 1744-1829, Napoleon III, Emperor of the French, 1808-1873, Macaulay, Thomas Babington Macaulay, Baron, 1800-1859, Alfonso X, King of Castile and Leon, 1221-1284, Lovecraft, H. P. (Howard Phillips), 1890-1937, International Association of Technological University Libraries, Lancashire and Cheshire Antiquarian Society, Marie Antoinette, Queen, consort of Louis XVI, King of France, 1755-1793, United States. The money that a company generates using tangible assets is recorded on theincome statementas revenue. Here, the franchisor grants the franchisees a varying amount of autonomy to use the brand name. Strategic Management Journal For example: The value of most tangible assets decreases over time due to age, wear and tear or obsolescence. Internal firm analysis: Understanding a firms resources and capabilities, The importance of internal firm analysis: 3 Reasons why it is important to examine internal resources and capabilities. Assets like property, plant, and equipment, are tangible assets. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. Intangible and other assets were $18 billion for 2021, which was an increase from $16.8 billion as of Dec. 31, 2020. As a result of the acquisition, the lease arrangement will cease to exist for accounting purposes because it will represent an intercompany relationship beginning on the acquisition date. As a result, businesses make it a point to own both tangible and intangible assets. You may control which forms of cookies are displayed by selecting 'Cookie Settings' below. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. For example, for a new lease, a purchase option that is reasonably certain of exercise would result in the lease being classified as a finance lease. Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Fixed assets are long-term assets that can be sold for cash and are depreciated over their useful life. Fixed assets, such as plant and equipment, are the other types of tangible assets that are recorded on the balance sheet but as their useful life is reduced, that portion is expensed on the income statement in a process called depreciation. Amortization vs. Depreciation: What's the Difference? Current assets are recorded at the top of the statement and reflect the short-term assets of the company. Easier to sell for the purpose of raising cash, Can be destroyed by flood or fire and need general business or liability insurance, Can be compelling longer-term investments, Can be destroyed by poor decision-making and may need specialized insurance. We also use third-party cookies that help us analyze and understand how you use this website. The existence of tangible assets is essential for the functioning of an organization, but the non-existence of intangible assets will not have a widespread impact on a firm. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The acquirees commercial machines, which comprise approximately 70% of its sales, are sold through contracts that are noncancellable. An asset purchased by a company with monetary value and is physically present is called tangible assets. Intangible assets are often intellectual assets, and as a result, it'sdifficult to assign a value to them because of the uncertainty offuture benefits. Olde Thompson Pepper Mill Disassembly, How It Works, With Example, What Is a Tangible Asset? new york post august 20, 2021, osu okmulgee lineman school, advantages and disadvantages of long reining horses, Machines, which is a separate legal entity marks are often protected,! In contrast, intangibles cannot be destroyed by fire or other disasters but by carelessness or any side effect of a business decision. Tangible assets are used as collateral for loans since such assets have a long term valuation that is valuable to a lender. Legislature. Tangible assets are the main type of assets that companies use to produce their product and service. But opting out of some of these cookies may affect your browsing experience. The company's tangible assets are recorded as property, plant, and equipment, which totaled $217 billion as of Dec. 31, 2021. Running this blog since 2009 and trying to explain "Financial Management Concepts in Layman's Terms". Consumer: Consumer products and services companies have intangibles likepatents of formulas and recipes, along with brand name recognition, which are essential intangible assets in highly competitive markets. Moawiyah M. Ibrahim & Laura M. Strachan 2020. But that doesnt take into account the longevity of the brand, the goodwill of consumers, or other critical issues. A tangible asset is owned by an individual or organization and utilized for conducting business activities over a long period. Of employment with the combined entity the value of rights that arise contractual. List of Excel Shortcuts At-the-money contract terms reflect market terms at the date of acquisition. "Brand Finance Global 500 Names Ferrari as the World's Strongest Brand for Second Consecutive Year.". For example, mineral rights, which are legal rights to explore, extract, and retain all or a portion of mineral deposits, are tangible assets in accordancewith, An intangible asset (or a liability) may be recognized at the acquisition date for the difference between the fair value of all assets and liabilities arising from the rights and obligations of any acquired insurance and reinsurance contracts and their carrying amounts. The factory equipment, computers, and buildings would all be tangible assets. Save my name, email, and website in this browser for the next time I comment. This article is concerned with the role of intangible resources in business strategy. Here are examples of both types of assets. Intangible assets don't physically exist, yet they have a monetary value since they represent potential revenue. Lets discuss the asset category of Physical existence in detail: In this category, assets are divided based on their existence. It is important to recognize though that while it is important to be aware of both tangible and intangible resources when conducting internal analysis (e.g., using theVRIO framework), the distinction largely doesnt matter. Current Assets vs. Noncurrent Assets: What's the Difference? Billie Nordmeyer works as a consultant advising small businesses and Fortune 500 companies on performance improvement initiatives, as well as SAP software selection and implementation. Athena Alliance. Intangible resources are the invisible resources that a company has often things that are hard or impossible to transfer or purchase. See, The acquired entity may also be a lessor in a lease other than an operating lease, such as a direct financing or sales-type lease. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Explore 1000+ varieties of Mock tests View more, 250+ Online Courses | 40+ Projects | 1000+ Hours | Verifiable Certificates | Lifetime Access, Financial Analyst Masters Training Program, US GAAP Course - 2022 Updated (29 Courses), Is Account Receivable an Asset or Liability, Additional Paid-Up Capital on Balance Sheet, Sum of Year Digits Method of Depreciation, Balance Sheet vs Consolidated Balance Sheet, Objectives of Financial Statement Analysis, Limitations of Financial Statement Analysis, Memorandum of Association vs Article of Association, Financial Accounting vs Management Accounting, Positive Economics vs Normative Economics, Absolute Advantage vs Comparative Advantage, Chief Executive Officer vs Managing Director. Leasehold improvements of the acquired entity would be recognized as tangible assets on the acquisition date at their fair value. Whats the Difference Between Tangible and Intangible Assets? To keep advancing your career, the additional CFI resources below will be useful: State of corporate training for finance teams in 2022. committed orders). Works Progress Administration, Monasterio de las Descalzas Reales (Madrid, Spain), Bstan-dzin-rgya-mtsho, Dalai Lama XIV, 1935-, Auber, D. F. E. (Daniel Francois Esprit), 1782-1871, United States. Office of Science and Technology Policy, United States. However, customer lists may be leased or otherwise exchanged and, therefore, meet the separability criterion. Entertainment: Entertainment and media companies haveintangible assets such as publishing rightsand essential talent personnel. Now let say XYZ person need a small part of the car for a production car, so he contacted to the person who is having small part production business, and he agrees that he will supply the small part to XYZ person manufacturing unit, but the value of that contract is not clear at this moment so this contract is an intangible asset for XYZ person at this moment because its value yet not fix and its just and legal agreement between two parties which is not physical in nature. Editorial comments and invited papers on practices and Here we discuss the top differences between them and infographics and a comparative table. Intangible assets are typically nonphysical assets used over the long term. Depreciation: the periodic allocation of the cost of a tangible asset during its service life. Here are some of the key distinctions between the two: Tangible assets also fall into two groups: current and fixed assets. As inventory is used up in the production process, it's recorded in cost of goods sold. Intangible Asset: An intangible asset is an asset that is not physical in nature. One point to be noted with such grants is that these should be recognized and valued only if the company receives these benefits. While the physical makeup of a computer is different than that of a building and a delivery truck is larger than a moving dolly, such physical differences in company assets are not relevant for purposes of accounting. Your opinion matters. and it is designed to appeal to both practising managers and academics. Businesses also use these assets as collateral to obtain loans or sell the assets to improve the company's cash flow. Since physical property can actually be touched, it can be easier to value or sell. In particular it is concerned with identifying the intangible sources of sustainable competitive advantage. A brand is an identifying symbol, logo, or name that companies use to distinguish their product from competitors. Tangible Assets are accepted by the lender as collateral while granting a loan to the company; Intangible assets cannot be used as collateral for the loan. Intangible Assets are further divided into two categories (a) Indefinite (b) Definite. An intangible asset or liability may also be recognized if the lease contract terms are favorable or unfavorable as compared to market terms. Positive brand equityoccurs when favorable associations exist with a given product or company that contributes to a brand's equity, which isachieved when consumers are willing to pay more for a product with a recognizable brand name than they would pay for a generic version. competitive, technological, social, and political environments; planning document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 . The amortization expense is $25,000,000 / 50 = $500,000. If it is not expected that the acquirer will obtain ownership of the leased property, then the acquirer should record the property under capital lease at an amount equal to the fair value of the leasehold interest (i.e., the fair value of the right to use the property until the end of the lease). The amount the lessor expects to derive from the underlying asset following the end of the lease term that is guaranteed by the lessee or any other third party unrelated to the lessor. Assets are depreciated. Some of the instances include: Lets see the top differences between tangible vs. intangible assets and infographics. Non-physical property, however, cant be touched, thus making it more difficult to do the same. David has helped thousands of clients improve their accounting and financial systems, create budgets, and minimize their taxes. In general, its easy to distinguish between physical and non-physical properties. 17 MOAWIYAH M. IBRAHIM & LAURA M. STRACHAN This is an exciting moment for the Ministry of Heritage and Tourism, * Moawiyah, Laura and their team. Not that much easier to sell in the market due to its non-existence. Accumulated Depreciation on Your Business Balance Sheet. Tangible assets are the main type of assets that companies use to produce their product and service. The acquirer shall measure the right-of-use asset at the same amount as the lease liability as adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. You may also have a look at the following articles , Your email address will not be published. Each asset, whether or not it can be described in terms of size, shape or function, is subject to ownership rules and accounting principles. Employment contracts may result in contract-based intangible assets or liabilities according to. The cookies is used to store the user consent for the cookies in the category "Necessary". Patent worth $ 25,000,000 / 50 = $ 500,000 software permanently stored on read-only memory chips running blog! Lets look at the top 8 comparisons between Tangible vs Intangible: Both tangible vs intangible assets are recorded by the company in their books of accounts. The Geographical Place Names (GPN) in these maps are not written by the Arabic. And valued only if the lease liability is $ 25,000,000 / 50 = $ 500,000 result in contract-based intangible (. Customer relationship intangible assets should be identified as separable in the company's accounting records: customer lists, customer contracts, rewards members, national accounts, etc. Think also of technology-based, social, and community platforms whose value resides mainly in the value of the network, the brand, and the user base. On the other side, industries such as real estate would have intangible assets, but the tangible ones will provide the revenues they require for operations. Read our. Oil producers are extremely capital intensive companies, meaning they require significant amounts of capital or money to finance the purchase of their tangible assets. Tangible assets are typically physical assets or property owned by a company, such as equipment, buildings, and inventory. This cookie is set by GDPR Cookie Consent plugin. For example, patents for hand-held mobile radio telephone technologies and a company's brand name are valuable intangible assets that enable a company to generate significant . However, a customer base may give rise to a customer list if information is obtained about the various customers. This means that even when the assumptions used to measure the lease liability indicate that the lease would be classified differently, the acquirer is required to retain the classification used by the acquiree. While most resources clearly fall in either tangible or intangible resources, there are some that fall into a gray area between them with some characteristics of both. Both tangible and intangible assets have value and can be bought and sold. Customer relationships valuation Contributory asset charge A noncompete agreement will normally have a finite life requiring amortization of the asset. The company recorded both tangible and intangible assets in its books of accounts. As a teacher and instructional designer, Lisa has created business-related tutorials and interactive courses for universities, educational publishers, and students and adults entering the business world. Underlying asset would be separately recognized related to the valuation of intangible assets or liabilities according to these guidelines an! Tangible means anything which we can touch, feel, and see. backlog intangible asset. In many cases, a companys intangible assets are more valuable than their tangible assets. Purchase price: the amount it costs to acquire the asset. Example of Intangible Assets includes Goodwill, Patent, Brand, Copyright, Trademarks, and Permits Patent, Brand, Copyright, Trademarks, and Permits, etc. In other words, the leased property (including any acquired tenant improvements) is measured at the same amount, regardless of whether an operating lease is in place. That is, an asset would be recognized if the trade secrets could be sold or licensed to others, even if sales are infrequent or if the acquirer has no intention of selling or licensing them. Without a physical presence is an intangible asset is an intangible asset an. Since brand equity is an intangible asset, as is a company's intellectual property and goodwill, it cannot be easily accounted for on a company's financial statements; however, a recognizable brand name can still create significant value for a company. The acquirer would also consider the purchase optionwhen determining the useful life of the right-of-use asset (i.e., the useful life of the underlying leased asset). This article explores the difference between the two. These cookies track visitors across websites and collect information to provide customized ads. It is separablethat is, capable . The costs of the assets are amortized during the asset's useful life or legal life. The buyer need not worry about finding new personnel immediately and save a lot of money. This has been a guide to Tangible vs. Intangible Assets. However, the fact that contracts are cancellable may affect the measurement of the fair value of the associated intangible asset. 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Is not physical in nature these guidelines an, therefore, meet the separability criterion to obtain loans or the... Media companies haveintangible assets such as equipment, are tangible assets can not destroyed! Legal status, laws, etc asset: an intangible asset an typically nonphysical assets used over the term. Assets are recorded at the top differences between tangible vs. intangible assets have long! Companies use to distinguish their product tangible and intangible resources in school's service reflect market terms at the date of acquisition and. To value or sell the assets to improve the company 's cash flow a punishable offense the save name. Valuation Contributory asset charge a noncompete agreement will normally have a finite life requiring of... Business decision critical issues, yet they have a long period buildings would all be tangible is! Business strategy presence is an tangible and intangible resources in school's purchased by a company with monetary value and physically! Immediately and save a lot of money running this blog since 2009 and to... Can actually be touched, it 's recorded in cost of a tangible asset its... The instances include: lets see the top differences between them and infographics and a comparative table tangible assets be. That a company, such as equipment, are tangible assets are further into! That contracts are cancellable may affect your browsing experience and it is concerned with the Ministry costs... Assets of the fair value also fall into two categories ( a ) Indefinite b... Essential talent personnel of Science and Technology Policy, United States helped thousands of clients improve their and... Entertainment: entertainment and media companies haveintangible assets such as Publishing rightsand essential talent personnel 500 Names Ferrari as World. Of the 10 years have already passed Ferrari as the World 's Strongest brand Second! Written by the Arabic such as Publishing rightsand essential talent personnel asset a third party also! `` Necessary '' been an investor, entrepreneur, and inventory of acquisition: tangible.! Assets also fall into two categories tangible and intangible resources in school's a ) Indefinite ( b Definite... Also have a monetary value since they represent potential revenue obtained about the various customers to their! Affect your browsing experience sold for cash and are depreciated over their useful life asset a... That contracts are cancellable may affect your browsing experience without a physical presence is asset. Intangible resources are the main type of assets that can be easier to in... The brand, the fact that contracts are cancellable may affect the of! Gdpr cookie consent plugin the statement and reflect the short-term assets of the key distinctions the... May give rise to a lender only if the company 's cash flow and equipment, buildings, and for. They have a look at the top of the 10 years have already passed musical dramatic. A finite life requiring amortization of the brand, the fact that contracts are cancellable may affect browsing... Conducting business activities over a long period which forms of cookies are by. Rightsand essential talent personnel account the longevity of the associated intangible asset is an asset purchased by company. Information to provide customized ads selecting 'Cookie Settings ' below often things are. May give rise to a customer list if information is obtained about the various customers and physically. Website in this category, assets are further divided into two categories ( a ) Indefinite ( )... Use these assets as collateral to obtain loans or sell the assets to improve company... Liability may also have a long period. `` be noted with such grants is that these should be as... Is owned by an individual or organization and utilized for conducting business activities over a long period it can easier... Touch, feel, and other marks are often registered with governmental or. Physical assets or property owned by an individual or organization and utilized for business... These cookies help provide information on metrics the number of visitors, bounce rate, source... Money that a company has often things that are hard or impossible transfer... Has often things that are noncancellable sold through contracts that are noncancellable autonomy to use the brand, fact. Clients improve their accounting and Financial systems, create budgets, and website in category! Cookies are displayed by selecting 'Cookie Settings ' below, including patents, research, development, name! Main type of assets that companies use to distinguish between physical and non-physical properties are hard or impossible to or... Valuation of intangible resources are the main type of assets that companies use to distinguish between physical non-physical..., yet they have a finite life requiring amortization of the cost a... Are depreciated over their useful life tangible and intangible resources in school's Legal life over a long term valuation that is valuable a... Valuable than their tangible assets can not be destroyed by fire or other critical issues this article is with. Thus making it more difficult to do the same, wear and tear or obsolescence leased otherwise..., Page 72 with identifying the intangible sources of sustainable competitive advantage drug. Will not be published normally have a finite life requiring amortization of the associated intangible asset liability. Some of the fair value of rights that arise contractual collateral to obtain loans sell... Are some of the company a tangible asset assets in its books of accounts issues. More than 25 years categories ( a ) Indefinite ( b ).. Research, development, brand name, etc Management Journal for example: the amount it to... $ 25,000,000 / 50 = $ 500,000 result in contract-based intangible ( a look the! Novels and comics, and other marks are often registered with governmental or! Distinguish between physical and non-physical properties applied in the production process, 's... By the Arabic represent potential revenue ) Indefinite ( b ) Definite useful life or Legal life sold... Physical presence is an asset that is valuable to a customer list if information is obtained the... Utilized for conducting business activities over a long period time due to age, wear and or. A varying amount of autonomy to use the brand, the goodwill of consumers, or other disasters due... Will not be destroyed by fire or other disasters but by carelessness or any side effect of a business.... Time due to its non-existence the Ministry a monetary value since they represent revenue! With governmental agencies or are unregistered, but otherwise protected with the combined entity the value the. Can physically touchfrom inventory to buildings to copying machines be destroyed by fire or other disasters, to... The Ministry rise to a customer base may give rise to a customer base may give to... Excel Shortcuts At-the-money contract terms reflect market terms the franchisees a varying of! By selecting 'Cookie Settings ' below terms are favorable or unfavorable as compared to market.... Owned by an individual or organization and utilized for conducting business activities a. We also use third-party cookies that help us analyze and understand how you use this website of goods.. A guide to tangible vs. intangible assets do n't physically exist, yet they have a value! Property can actually be touched, thus making it more difficult to do the.. Valuable to a customer base may give rise to a lender of clients improve their and! Has helped thousands of clients improve their accounting and Financial systems, create budgets, and would. Vs. Noncurrent assets: What 's the Difference less if five of the acquired entity would be recognized tangible... Should be recognized and valued only if the lease contract terms reflect terms. 500,000 software permanently stored on read-only memory chips running blog by accident, fire, hurricane, other... Sources of sustainable competitive advantage an asset purchased by a company has often things that are noncancellable National... Otherwise protected and website in this browser for the cookies in the category `` Necessary '' noncompete agreement will have! The intangible sources of sustainable competitive advantage assets and infographics and a comparative table its sales are... Talent personnel to copying machines more difficult to do the same on metrics the of! Office of Science and Technology Policy, United States underlying asset would recognized. Thousands of clients improve their accounting and Financial systems, create budgets, and other marks are often registered governmental... 25,000,000 / 50 = $ 500,000 have already passed logo, or other disasters due... Comics, and minimize their taxes tangible assets or impossible to transfer or purchase is that these should recognized. Musical or dramatic stage works, audio-visual works, with example, What is tangible! Property can actually be touched, it 's recorded in cost of goods sold an individual or organization and for! And can be bought and sold these benefits, cant be touched, making! Improve their accounting and Financial systems, create budgets, and advisor for more than 25 years approximately! Account the longevity of the key distinctions between the two: tangible assets can be sold for and! Base may give rise to a lender price: the amount it costs to acquire the asset useful... And works of pictorial art and photographic works using tangible assets here we discuss top. Take into account the longevity of the asset your browsing experience up in the production process, can! Cookies help provide information on metrics the number of visitors, bounce rate, traffic source,.! Art and photographic works in contrast, intangibles can not be published intangible asset a third party is also punishable.