Chapter 5, Problem 16.1EP

Under GASB standards, which of the following would be considered an example of an intangible asset?

1. a.      A lake located on city property.
2. b.      Water rights associated with the springs that supply the water to the lake.
3. c.       The city’s irrigation system, which uses water from the lake.
4. d.      None of the above would be considered an intangible asset.