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Intangible asset is an non-physical non-monetary asset which is held for use in the production or supply of goods and services, or for rentals to others, etc. AS 26 should be applied by all enterprises in accounting of intangible assets, except: 1. Intangible assets that are within the scope of another standard financial assets 2. Rights and expenditure on the exploration for or development of minerals, oil, natural gas and similar non-regenerative resources 3. Intangible assets arising in insurance enterprise from contracts with policyholders, 4. Expenditure in respect of termination benefits.
