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Research and development (known also as R&D [2]) is considered to be an intangible asset (about 16 percent of all intangible assets in the US), [11] even though most countries treat R&D as current expenses for both legal and tax purposes. [2] Most countries report some intangibles in their National Income and Product Accounts (NIPA).
The departure of the U.S. and EU Commission from the OECD BEPS project is attributed to frustrations with the rise in intellectual property (or IP), as a key BEPS tool to create intangible assets, which are then turned into royalty payment BEPS schemes (double Irish), and/or capital allowance BEPS schemes (capital allowances for intangibles).
Intellectual capital is the result of mental processes that form a set of intangible objects that can be used in economic activity and bring income to its owner (organization), covering the competencies of its people (human capital), the value relating to its relationships (relational capital), and everything that is left when the employees go home (structural capital), [1] of which ...
Unlike physical assets such as machinery or real estate, intangible assets lack a physical presence. They include things like brand recognition, customer loyalty, patents, copyrights and business ...
However, in the late 1990s, there was a conference held for the assessment of this recommendation, which pointed out some problems to be considered in drafting the convention. [ 14 ] In 1997, UNESCO launched the program of Proclamation of the Masterpieces of the Oral and Intangible Heritage of Humanity, intending to raise awareness of the ...
Through a compendium of the different oral and intangible treasures of humankind worldwide, the programme aims to draw attention to the importance of safeguarding intangible heritage, which UNESCO has identified as an essential component and as a repository of cultural diversity and of creative expression. [3] [4]
Intangible asset finance, also known as IP finance, is the branch of finance that uses intangible assets such as intellectual property (legal intangible) and reputation (competitive intangible) to gain access to credit. Like other areas of finance, intangible asset finance is concerned with the interdependence of value, risk, and time.
Cultural heritage has been described as the 'most distinguishing form of a culture's expression' and includes both tangible and intangible elements such as 'traditional dances, customs and ceremonies'. [10] Cultural property is the essential elements of a culture that allow it to determined and identified. [10]