Tangible assets are physical assets, such as land, machinery, and inventory. Depreciate the value of these assets over their useful lives.
Intangible assets are nonphysical assets, such as brand name, intellectual property, and goodwill. Certain intangible assets, such as goodwill, are amortized over their lifespan. Intangible assets can be either definite or indefinite. Definite intangible assets have a limited lifespan. Indefinite intangible assets exist as long as the company that owns them is a going concern.