Anything owned by a business or an individual that has cash, commercial, or exchange value. It is generally understood to mean property capable of producing income. Assets can be tangible (buildings, inventory, and materials) or intangible (licenses, trademarks, patents, and other intellectual property).
Intangible assets include all value a company might provide. For example, brand and reputation may be powerful contributors to an organization’s performance (economic and otherwise) though this asset is not recognized in accounting practice since its value is indeterminate.
Though the term “assets” commonly refers to financial or physical items of value, assets can also include forms of natural and human capital. Traditionally, business and financial measures treat these forms of capital as infinite and interchangeable. However, particularly with rare resources and people with special skills and leadership traits, these assets are neither easy to find nor interchangeable.