Today’s Financial Accounting Standards and Data Gap

Eskil Ullberg
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Eskil Ullberg: College of Humanities and Social Sciences, George Mason University

Chapter Chapter 4 in Intellectual Property Statistics, 2023, pp 71-98 from Springer

Abstract: Abstract Current international financial accounting standards for recognition of revenues and intellectual property, its structure and data collection are discussed and compared with the proposed theory of value to identify the gap in data that needs to be collected in addition to current data. Topics discussed also include management of talented individuals, inventions, new business models, traditional knowledge, embedded, and non-embedded IP, a new income statement and balance sheet reflecting revenues, assets, and liabilities from patent/IP and contracts on patent/IP. Examples from top patent licensing firms’ accounting statements are discussed, as well as a definition of what is traded: ideas, goods, services. A definition is currently lacking in the standards.

Date: 2023
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DOI: 10.1007/978-3-031-36386-3_4

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