Difference between fictitious and intangible assets

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nidhi (Querist)
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12 February 2014 can anyone please tel me the difference between fictitious and intangible assets? in f.m, there's a sentence 'intangible assets should be included in the capital employed but no fictitious asset should be included within capital employed' what does this mean? please help

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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12 February 2014 Mr nidhi,
Fictitious means which does not exist in any direct or indirect form.An intangible asset is an asset or an advantage that really exists.Examples of intangible assets are :Exim scrip,REP licence,copy rights,patents,export quotas etc.These intangible assets exist on paper and can be passed on or shared with another person. There are some fictitious assets like goodwill,brandname etc which do not exist on paper,but for using the same some money has been paid.....mjk