The need for a new conceptual framework for the modern economy remains supreme. This paper describes role and importance of intangible assets in the growth of organization and its importance in corporate success.  It is widely accepted nowadays that since the end of the 20^th century the economy has become significantly different from the industrial economy previous to the mid 20^th century. This transition is the result of the vital role played by intangibles as a fundamental determinant of value creation in business world.  There is a rapid growth of investment in intangible assets.  In some cases this investment matches or exceeds investment in traditional capital such as machinery, equipment and buildings. This article discusses inclusion of intangible assets in financial statements and investment pattern in intangible assets of a company and problem of valuing intangibles for determining their value for future economic benefits of the organization and impairment of intangible assets. Intangibles are all around the business world.

KEYWORDS:  Intangible Assets, Impairment of Assets, Market Value.