Why goodwill is called intangible asset? Explain by Fouzia Faria - Sunday, 20 December 2020, 12:19 AM Number of replies: 0 Goodwill is an intangible asset, which means that it cannot be seen or felt but has some realisable value. They are not recorded in the books of accounts. Whereas, Fictitious assets are assets that are made up and do have any realisable value when sold. They are, however, recorded in the books of accounts. Permalink