Singapore: Enhanced Transparency for Intangible Assets Through New Disclosure Framework
The collaboration between the Intellectual Property Office of Singapore and the Accounting and Corporate Regulatory Authority has led to the introduction of the Intangibles Disclosure Framework (Framework). This initiative offers companies guidance on recognizing and revealing various non-physical assets or intangibles, such as intellectual property (IP) rights, to diverse stakeholders.
The Framework comprises four key pillars:
- Strategy: Assists companies in communicating how intangibles align with and contribute to a company’s overall corporate strategy.
- Identification: Recommends categorizing intangibles into six distinct groups based on their nature and characteristics, enhancing comparability.
- Measurement: Guides companies in evaluating intangible performance, emphasizing quantitative, relevant drivers and metrics. Monetary value disclosure is optional under this pillar.
- Management: Directs companies in disclosing methods for identifying, assessing, and managing risks and opportunities related to their intangibles.
The six categories of intangibles under the “Identification” pillar include marketing-related assets (e.g., trademarks), customer-related assets (e.g., clientele), artistic-related assets (e.g., creative content), contract-related assets (e.g., licensing), technology-related assets (e.g., patented technology), and human capital–related assets (e.g., management competencies).
This Framework, a pioneering initiative globally, aligns with the Singapore Intellectual Property Strategy 2030, aiming to bolster the nation’s standing as a global hub for intangibles and IP.
The standardized disclosures facilitated by the Framework are expected to empower stakeholders to make more informed assessments of companies and their financial outlook. This, in turn, is anticipated to streamline the commercialization of intangibles and enhance the ability of investors and lenders to make comparative evaluations, thereby improving the allocation of funds to companies that strategically invest in intangibles.
In conjunction with the Framework, three additional initiatives were introduced on September 4, 2023:
- GoBusiness IP Grow platform: Connects companies with service providers and resources, offering an online tool for live and customized recommendations.
- IP Ready program: Matches companies with an IP strategist for the development and institutionalization of strategies, management, and skills-building to foster long-term business growth.
- Singapore Business Federation: Assists companies in building IP capacity, providing in-market support to local companies through access to GlobalConnect@SBF’s internationalization services, market advisors, and global contacts.
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– You could visit here to see the Procedure of Singapore Trademark Registration.
– You could visit here to check the required documents for filing a trademark in Singapore
– You can also check the Fee for Trademark In Singapore here.
– You could check how to register a trademark in Singapore here.
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