What the Accounting department needs to know about Intellectual Property
1. IP is not just another expense.
2. IP is an asset – decide on a way to account for it as such – and keep up with the debate about this.
3. Be demanding about the relative value each IP expense is generating.
4. Work closely with the IP function to track and leverage value generated by IP.
5. Switch this over to thinking about Intellectual Capital and not just IP – harder, but so much more rewarding.
What would you add?
[photo credit: Tracy O]