(sÄt) v. set, setÂ·ting, sets. v.tr. 1. To put in a specified position or arrangement; place: set a book on a table; set the photo next to the flowers. 2. a. To put into a specified state: set the prisoner at liberty; set the house ablaze; set the machine in motion.
Intangible asset. An intangible asset is an asset that lacks physical substance (unlike physical assets such as machinery and buildings) and usually is very hard to evaluate. It includes patents, copyrights, franchises, goodwill, trademarks, trade names, the general interpretation also includes software and other intangible computer based assets.
Internally Generated Computer Software (IGCS) is the most common type of intangible asset that is internally generated. Computer software is considered internally generated if it is developed in-house or by a third party contractor on the USGâs behalf..11.1 Intangible Assets Definition. An intangible asset is an asset that is acquired through purchase, license, and donation, or is internally generated and possesses all of the following characteristics: 1  Lack of physical substance. 2  Nonfinancial nature.