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In process of economic development, introduction of new technologies and release of high-tech products, intangible assets are becoming one of the most important parts of company’s assets. It is quite often when value of intangible assets of a company surpasses value of all tangible assets, and thus intangible assets become company’s key competitive advantage. It is especially true for the companies having steady business reputation on the market, owning well-known trademarks or working on the high technology market.

Valuation of Intangible assets consists of four main groups:

  • industrial property - patents for inventions, patents for selection achievements, patents for industrial designs, certificates on trademarks, certificates on service marks;
  • copyright and the adjacent rights - products of a science, literature, music, painting and other kinds of art, ECM programs , databases (including web sites and domain names) and topography of integrated microcircuits;
  • commercial classified information - a know-how, knowledge of technical, financial either administrative or managerial character bringing or able to bring benefit, results of the research and developmental works, which are not secured by patents, design and technological documentation.
  • property rights include rights to use of ground areas, water and other natural resources, bowels, property, etc.

In compliance with Accounting Regulation (Standard) No.8 "Intangible assets" (p. 5), accounting of intangible assets is conducted for each unit in following groups:

  • rights to use mineral resources (right to use bowels, other natutal resources, geological and other information on environment, etc.);
  • property rights (right to use a land plot according to the land legislation, right to use a building, leasehold on premises, etc.);
  • commercial designations rights (rights to trade marks (signs for goods and services), commercial (firm) names, etc.;
  • rights to objects of industrial property (right to inventions, useful models, industrial designs, grades of plants, breeds of animals, configurations (topography) of integrated microcircuits, commercial classified information, including know-how, protection from unfair competition, etc.);
  • copyright and adjacent rights (right for works of literature, art, music, computer programs, , compilations of data (databases), phonograms, videograms, broadcasting (programs) , etc.);
  • unfinished capital investments into intangible assets;
  • other intangible assets (right to carrying out activity, use of economic privileges, etc.).

The essence of intellectual property concept is revealed in clause 418 of the 4th book of the Civil Code of Ukraine.

According to clause 420 of the 4th book of the Civil Code of Ukraine (p.1) there are following objects of intellectual property rights:

  • Works of literature and art;
  • Computer programs;
  • Compilations of data (databases);
  • Executions;
  • Phonograms, videograms,, broadcasting (programs) by organizations of an announcement;
  • Discoveries;
  • Inventions, useful models, industrial designs;
  • Configuration (topography) of integrated microcircuits;
  • Efficiency proposals;
  • Grades of plants, breeds of animals;
  • Commercial (firm) names, trademarks (signs for the goods and services), geographical designations;
  • Commercial classified information.

According to National standard No.4 "Valuation of intellectual property rights", the objects of valuation are intellectual property rights concerning objects in intangible form.
According to the Standard valuation is carried out for the following objects of intellectual property:

  • Works of literature and art;
  • Computer programs;
  • Compilations of data (databases);
  • Executions;
  • Phonograms, videograms,, broadcasting (programs) by organizations of an announcement;
  • Discoveries;
  • Inventions, useful models, industrial designs;
  • Configuration (topography) of integrated microcircuits;
  • Efficiency proposals;
  • Grades of plants, breeds of animals;
  • Commercial (firm) names, trademarks (signs for the goods and services), geographical designations;
  • Commercial classified information.
  • other intangible assets (right for carrying out activity, use of economic privileges, etc.).

As a rule, in the process of valuation of intellectual property rights the value of business and goodwill (business reputation) is also estimated.