Public consultation for Intangibles Disclosure Framework in Singapore opened for comments
Recently, a public consultation on the topic of Intangible Assets has been organized by the Accounting and Corporate Regulatory Authority (ACRA) and the Intellectual Property Office of Singapore (IPOS). The name is Intangibles Disclosure Framework.
Intellectual Properties include Intangible Assets, and Intangible Assets include Intellectual Properties such as trademarks, patents, copyrights, etc. Other Intangible Assets may be listed such as technologies, brand recognition, data, trade secrets of a business.
Consequently, the goal of the Intangibles Disclosure Framework organized by the Accounting and Corporate Regulatory Authority (ACRA) and the Intellectual Property Office of Singapore (IPOS) is to promote the use of Intangible Assets (IA) in business development in which IA and IP will be the centralize aspects that drive the business forward.
The Intangibles Disclosure Industry Working Group, comprised of professionals from the accounting, valuation, legal, and finance industries, created the Framework. Its goal is to give stakeholders standardized information about a company’s IA so that they can make better judgments of the company’s economic and financial prospects through newly provided information.
It aims to increase market transparency by allowing companies to convey the value of their intangible assets and enable their commercialization with a better understanding of a company’s IA.
The Framework, a fundamental effort under the Singapore IP Strategy 2030 (SIPS 2030), aims to assist firms in disclosing and communicating their intangible assets (IA) in order to maximize their economic potential.
The public consultation took place between December 14, 2022 and February 28, 2023.
SIPS 2030, which was unveiled on World IP Day on April 26, 2021, is Singapore’s 10-year plan to retain the country’s status as a top-ranked IA/IP regime and strengthen its image as a global center for IA and IP activities and transactions.
The consultation materials are available to the public via the ACRA and IPOS websites, as well as the REACH consultation portal. Members of the public can provide feedback using FormSG.
The Accounting and Corporate Regulatory Authority (ACRA) asks everyone who is interested to respond to the questions in the questionnaire section provided by the ACRA. Comments are most useful when they include a clear reasoning and, if appropriate, ideas for an alternate method. All comments received will be taken into account.
However, ACRA asks for the public’s understanding that they may not be able to recognize or respond to every remark. ACRA will anonymize and aggregate the findings of this public participation to protect the confidentiality of feedback contributors.
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– You could visit here to see Procedure of Singapore Trademark Registration.
– You could visit here to check the required documents for filing trademark in Singapore
– You can also check the Fee of Trademark In Singapore here.
– You could check how to register trademark in Singapore here.
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