The emergence of a knowledge-based economy has reshaped how companies approach IP. With the rise of innovative technologies and the growing emphasis on automation and digitalization, businesses increasingly invest in developing valuable IP assets in-house. This encompasses creating proprietary software solutions tailored to automate processes, catering to the evolving needs of consumers and businesses.
These in-house innovations represent a significant departure from traditional IP acquisition models. The shift poses unique challenges in accounting, particularly in reconciling differences between accounting for acquired IP and internally generated IP.
Share your thoughts.