PROGRESS THROUGH TECHNOLOGY EVALUATION AND …



PROGRESS THROUGH TECHNOLOGY EVALUATION AND UTILIZATION OF BUSINESS RESULTS RESEARCH AND DEVELOPMENT-INNOVATION

GABRIEL I. NĂSTASE(,

DRAGOŞ IONUŢ G. NĂSTASE(

gabriel_i_nastase@

Abstract: Intellectual property consists of a firm of property values is included in intangible assets. These property values can be any of the items under the protection of industrial property in Romania (patents, trademarks, products or commercial, industrial designs, topographies of integrated circuits, know-how, etc..), Provided any copyright by Law 8 / 1996, including software, licensing or similar rights arising from commercial contracts.

Keywords: research, development, innovation, valuation, intangible assets

The purpose of this approach is that the dual purpose of addressing issues related to valuation of intellectual property assets: methodological and practical. The need for this approach stems from the fact that intellectual property assets can not be evaluated with the same measure, presenting features, both because of how they were generated and implemented, but also economic and financial results, as well as the impact office. For an accurate assessment is needed in which the research framework programs of development and exploitation of research results.

Implementing Regulations of the Accounting Law (Art. 47-51) No. 82/1991, specify the nature of intangibles and explains how their amortization. Intangible assets include all assets that have no physical form, but which contribute, directly and sometimes decisively, to obtain a business profit. Number and name of intangible assets that can be evaluated separately, and the balance-sheet subject to amortization, are very different, depending on the size and nature of economic units.

Industrial property and copyrights are the values that serve in trade and production of an undertaking, as a means of competition and loyal contribution to the profit. This form of property title is not consumed by operation of protection, by manufacturing, use or marketing of the product or technology, or exploitation of the work under protection.

Intellectual property of a company is made up of property values is included in intangible assets as required by art. 50 para. 2 of the Implementing Regulations of the Accounting Law 82/1991. The property values can be any of the objects of industrial property subject to protection in Romania (patents, trademarks, products or commercial, industrial designs, topographies of integrated circuits know-how, etc..), any copyright provided for by law 8 / 1996, including software, licensing or similar rights arising from commercial contracts.

These assets are entered in the heritage that the separate evaluation of each piece of industrial property, each license or copyright, registration and submission of depreciation in the balance sheet.

Intellectual property estate values may come from three sources:

a) the contribution of members, realized by sending the right of property firm, through an assignment contract, in exchange for social rights (contribution in kind - patents, industrial designs, trademarks etc.. or contribution to the industry - know- how, as the author of: scientific, technical drawings, software, etc..) intake may be only a fraction of the subscribed capital if it can be intellectual property security value for money;

b) the acquisition from third parties, by agreement of intellectual property rights, price negotiable;

c) investments acquired intangible results of intellectual activity that is the company's employees during their employment contract, the company acquires ownership if such a clause expressly stated in the individual employment contract or national legislation provides for special conditions on the right creation of property for certain employees (eg. art. 5 letter. a and para. 2 of Law 64/1991, art. 5 letter. of the Law 129/1992 and art. 6 of Act 8 / 1996), intellectual property firm may be acquired through an assignment contract with its employee if the unit has a right of preference for concluding such an agreement, under the law (art. 5 para. 6 of Law 64/1991).

Intellectual Property Rights established the trader on one of the three paths are highlighted in assets and intangible assets accounting firm as account 205 (active account).

Debit Account 205 reflects the input (input or company acquisitions), and credit, output (sales made by the company to others), expressing the debit balance remaining assets (existing). Therefore, this account serves to highlight the patents, designs industrial (industrial design), licenses, know-how, computer software, etc.., as a contribution to, purchased or acquired fixed asset unit during the period due to their legal validity or the contractual period and recorded in the balance sheet. Account 205 is an asset account is debited with the value of purchases of industrial property rights or copyrights, the amounts spent from the exploitation of industrial property objects made in-house, with proceeds from the valuation of the contribution to the establishment society, the amounts of fees set by licensing contracts where the company is the licensee, and other expenses incurred in such purchases. Account 205 is credited with the value of the same rights over, fully amortized and depreciated the value remaining on the drive transmitted through asset transfer patent rights, trade mark, design, copyright etc. Account 205 is a debit balance remaining value.

Assets representing intellectual property rights will gradually pay off their legal validity period, the unit that holds the asset (the right holder or licensee) in accordance with art. 50 alin. 50 para. 3 of the Implementing Regulations of Law 82/1991.

Impairment of property, account account 205 and 2805 are attached and / or account 290, which reflects the depreciation, that provision.

Account 2805 is a liability account is credited with depreciation recovered, including its own operating expenses and debited to the removal of operating rights. Account credit balance in 2805 has been in operation rights of redemption.

Prepayments for intangible assets consist of intellectual property rights relate to expenditure of sums due to uncertainty or risk their existence or whose cases may be set but without knowing the timing and amount. Provisions for liabilities and other expenses in these cases are designed to cover business risks related to the operation of intellectual property rights, such as expenses necessary to carry out their prototypes and experimentation. Provisions may also be intended for any disputes or security.

An important aspect of accounting is the accounting for the exploitation of industrial property rights, namely the accounting related to this operation. In this case, the operations do not differ from those used for other assets or economic activities of the unit.

If the unit manufactures, sells and / or uses products or technologies under protection (ie, exploitation or exploitation of industrial property rights of copyright) and the resulting income from these activities, the costs of acquisition of rights (including license) or pay the costs of entitlements for authors, including additional salary remuneration provided by law, will recover.

Recovery of expenses made by the Company may be made and fees collected from licensed third party company (in this case the unit asset is the licensor). The granting of operating licenses for patents, trademarks, designs, copyrights, etc. the asset unit, it will be to collect and an annual interest rate established by the license agreement.

Evaluation of intellectual property titles can be made a contribution value, acquisition cost, production cost, licenses cost, transfer cost etc.

The balance sheet asset is intellectual property in these values.

For the evaluation of intangible assets that contain intellectual property rights from business activities, take out their nominal value, ie, the amount spent by the firm for their creation (protection costs, expenses development research, design costs, testing costs, etc.).

Property value when setting up their contribution to society, is the value accepted during the association or merger partners.

Upon entry into heritage protection titles shall be valued at their acquisition cost, the value being determined by contract with third parties or company employees. Remaining debt from the acquisition of intellectual protection rights outlined in the 164 account, "Due on concessions and other similar debts" which serves to track assets in property taken by the firm, according to contracts. This account is a liability, credit that the purchase price (the price of the license purchase price or part of a commercial contract status refers to the value of industrial property rights in this agreement acquisition etc.) or other similar values. 164 account debited with the amounts paid for the license, assignment or other similar debt is a credit balance remaining debt.

Regarding the assessment of intangibles in the field of intellectual property can use several methods such as:

- Evaluating the costs, consisting of determining the value of patent, trademark, etc. design from both asset investments unit for obtaining titles of protection, and for taking the necessary measures for the exploitation rights;

- Evaluating the profit that might obtain in the future (as a method of assessment), taking into account the benefits of copyright exploitation would bring economic unit;

- Assessing the market price;

- Assessing the cost of replacement (in line with inflation).

Entry into the heritage buildings in the area of intellectual property values is recorded as follows:

a) when entering the company's foundation as a contribution by credit Account 456: "Settlements capital associations”;

b) when caught by third-party purchase by credit account 404, "Providers of property”;

c) when self-made by credit account 721, "Revenue from the production of intangibles”;

d) received free of charge by credit account 131, "Investment grants”.

For intangible assets are recorded above and value added tax debit account 4426.

Depreciation of assets including intellectual property rights, called "intangible assets" shall be made during the period prescribed for their use on account of operating expenses, debit account 6811: "Operating expenses for depreciation of property" and the loan account in 2805: "Depreciation concessions , patents and other similar rights and values”. Once these assets were fully depreciated, will run the estate decrease their contractual value (2805 = 205).

If the trader in assets over the acquisition of intellectual property rights for the operation, they will be treated as operating capital, following operations: the acquisition itself and the liabilities assumed by contract (205 = 164), record monthly expenditure represented royalty and interest (401 and 401 = 612 = 512; 666 = 1684 and 1684 = 512), discharge from the management rights acquired at the conclusion of the contract and payment of the liabilities assumed (164 205).

If the trader is the unit for operating an asset that gives part of its rights as owner of another legal entity, the transfer of rights will be reflected in their own accounts as follows: assets highlighting claims to be the right to recover the full value that is transmitted, that the license and annual fixed interest rate (461 = 267), registration fee and receipt of interest established by contract (512 = 461) and claims settlement assets according to their receipt (267 = 2805).

After a period of operation right in property or a contract of assignment of patent, trade mark or design rights and other similar conditions or recovery of full depreciation of the entire amount under the contract of assignment of intangible assets relating to rights out of intellectual property assets (2805 = 205).

Finally some special considerations must be observed in the field of intangible intellectual property, namely:

- This type of active accumulation of knowledge and information is closely linked to the unit employees, regardless of their functions and they become very important for the reputation and technical merit of the company, because they are born or are purchased from the company to gain market need and earn profits;

- Intellectual property rights are guaranteed and protected by the Romanian State by special laws and from this point of view is the most loyal means of competition, ensuring business competitiveness;

- Technical solutions and design subject to protection, suffering a lapse because of ongoing renewal process and renewal of technology products;

- Use of marks, provided that the product quality, contributing to the firm gaining market reputation and attracting customers identified by a trademark.

Clear conclusion of the relationship between intellectual property and profits of a firm is sure to be granted entry into the property rights granted by law in this area, an accurate assessment of such intangible assets as well as keeping an account of the movement these days values.

At the level of research and development units recorded a special interest in establishing evaluation procedures as a result of requests from two main directions:

o creating intellectual property assets from business;

o pressure their employees in developing procedures in research incentives, namely remuneration of innovative creative work submitted.

In practice, they found difficulty and futility of developing a generally accepted methodology, it involves a high risk of error generated by the diversity of economic and organizational structures at macroeconomic level.

Evaluation of intellectual property assets can be achieved through several processes, by analogy with material. In this sense, value can be determined by one of the following forms:

a) Evaluation based on the amount of costs incurred in generating intellectual property asset, which may add, on a case by case, a "profit" to offset the innovative effort expended. Of course, the costs incurred in generating intellectual property asset can be added to a certain extent, and cost "social", and those costs related to attracting, selecting, training and research training of person-ment.

b) assessment based on use value of the property, that the amount negotiated and established during a transaction. These so-called market value based on supply and demand at a level that would be satisfactory to both parties involved (executor and acceptor).

The difference between the two approaches is absolute in the sense that they characterize diametrically opposed economic systems.

As an interim solution, the paper proposes to use when entering the procedure A and procedure B heritage for trading.

Relevant factors in evaluating intellectual property assets can be identified in successive levels of economic activity, such as: macroeconomic factors, short term economic factors, the internal state of the economic, scientific and professional level research staff.

Therefore, determining the factors that affect intellectual property assets assessment includes two groups:

a) general factors - global trends that characterize the sphere of economics and, as a specific feature of the social.

b) specific factors that characterize the internal environment and external relational operator.

In this context and on behalf of the entity's private relationships influences, you can claim that the procedure for evaluation of intellectual property assets depends on the economic sector in which the collected information, being in a specific proportion of its range. Download in other areas can be done with caution and adjustments required.

Following existing research and experience field have achieved the following important elements in assessing property assets:

I. The trends of economic integration in the European Union structures, the value of intellectual property assets can be reported to:

- Structure and organization of the EU's economic sector;

- Levels of labor productivity and financial profitability;

- Evolutionary trends in the structure and quality of products and technologies, including regulations and restrictions relating to environmental protection;

- Developing policies and specific investments.

II. The term knowledge of the economic environment are concerned, mainly the following aspects:

- The national average yield / industry / economic sector's industrial fixed assets and turnover;

- Financial interest, economically and socially for a specific investment;

- Approximate average cost of acquisition and implementation of intellectual property assets;

- Development trends in the field, structural developments in the field of products and technologies;

- Various limiting restrictions (by law, socio-economic, environmental, etc.);

- Labor productivity, efficiency and rate of implementation of scientific research results.

III. Evaluation of the entity's internal

- Key financial indicators to evaluate trends;

- Labor productivity sectors of production and design staff return Scientific;

- Remuneration of staff, to creativity and innovation (as distinct, if possible);

- Average cost for generating intellectual property assets, the individual contribution of research staff;

- The policy of attracting and training of research personnel, investments in the stimulation of creativity and innovation;

- Trader scientific prestige, brand products, quality brand;

- Research potential and long-term prospects.

IV. The scientific and professional research staff

- Recognizing the potential of scientific knowledge and research staff, individually and collectively;

- Commitment to scientific research and business culture, to the work currently performed;

- Integration in collective and enssembly trader activity, orientation on the support assembly;

- Participation in national and international scientific life, the exchange of information;

- Ability in relation to existing equipment design applications, the ability in handling equipment.

It is noted that information needed to assess, as outlined above, make the data relevant intellectual property asset of which we can mention: the degree of novelty, the science and technology, ease of application, physical and moral life, the level of acceptability, economic efficiency and so expected that data will be addressed later.

In the relevant elements, how the transfer of property, contract intellectual property is essential. In this respect, considering the following aspects:

a. Licensing mode (exclusive, nonexclusive, limited, etc.);

b. Pay the transfer mode (lump sum payment, fee, shareholding, etc.);

c. Providing technical assistance mode (full documentation in the initial phase, the documentation provided along the way, right to use and support, without assistance, etc.).

To ensure fast and efficient calculation procedure is necessary to select the correct evaluation criteria and easy quantification of value. The use of these parameters is performed with precautions to reduce possible error of overrating or appreciation that the proposed transaction values.

Method for evaluating a complex asset companies enter the total value, in addition to items such as body size and value of intangible assets.

The accounting records of an enterprise, the intelectual property is included in intangible group assets, along with rights, relationships and other intangible grouped in Class 2 cost of fixed assets.

In industrial or commercial environment, can be identified over 100 intangible assets: ( technical competence (documentation, studies, licenses, patents, know-how and other objects of industrial property, copyright, computer programs, libraries, databases, quality assurance systems, qualification of personnel, etc.); ( commercial power (promotion through advertising, ford commercial, distribution, etc.); ( managerial competence (quality, key managers, performance management, etc.); ( reputation (the reputation of the company); ( Site; ( customers;

( creditworthiness and solvency to customers and banks; ( position to administrative and public bodies.

Practical assessment of intellectual property is a complex and difficult issue because there are many factors that influence it, and apply the methodologies differ from one country to another, from one continent to another. Therefore, the responsibility of carrying out transactions these intangible assets is maximum, because they have social implications and / or political.

In essence, the valuation of intangible assets can be made by: ( evaluating a set of intangible elements as part of the company (Good Will); ( intangible assessment of a single element (or set) separately and independently.

Classical methods of assessment of intellectual property are the same as those used for measuring intangible assets or intangible, ie methods based on market comparisons, methods based on income, profits or turnover (cash flow method of the net; rate method fee) cost-based methods (legal analysis, technical analysis, business analysis, social analysis), methods based on the recovery period.

After completing an assessment for intellectual property objects are advised to undertake a review of the correctness or susceptility of this operation.

Intangible asset valuation approaches is made with the following groups of evaluation methods:

o future net income capitalization method;

o cost method;

o comparison method of market value;

o other methods.

Evaluation is a complex process that is not confined to groups use evaluation methods. Evaluation should know the basic principles of each method of evaluation and experience of firms specializing in this type of evaluation.

Valuation of intangible assets can be done by considering a set of intangible elements as part of the company or by a single item assessing intangible asset separate from the company.

Intangible elements are numerous and can be identified in the industrial and / or commercial (Table 1) after different characteristics.

Once identified, intangible elements can be classified in various ways.

Frequent presentation of intangibles in the assessment activity

Table 1

|No. |Name of intangible assets |No. |Name of intangible assets |No. |Name of intangible assets |

|1 |Advertising campaigns and programs | 40 |Goodwill | 79 |Folders with medical |

| | | | | |prescription |

|2 |Agreements | 41 |Government Contracts | 80 |Awards |

|3 |Airport gates and openings | 42 |Government programs | 81 |Procedure Manuals |

|4 |Plant assessments | 43 |Government records | 82 |Portfolio Competition |

|5 |Awards and judgments | 44 |Historical Documents | 83 |Product design |

|6 |Customer-bank deposits, loans and | 45 |HMO promotion list | 84 |Use of property rights |

| |credit card obligation | | | | |

|7 | Projects | 46 | Expired insurance policies | 85 | Outstanding proposals |

|8 | Libraries | 47 | Insurance policies in force | 86 | Proprietary software |

|9 | Brands | 48 | Associations | 87 | Proprietary processes |

|10 | RTV broadcasting Claims | 49 | Know-How | 88 | Proprietary Products |

|11 | Purchase agreements | 50 | Laboratory notebooks | 89 | Patented technology |

|12 | References | 51 | Landing rights | 90 | Publications |

|13 | Chemical formulas | 52 | Leased Properties | 91 | Purchase orders |

|14 | Claims | 53 | Interest in properties | 92 | Subject to approval |

| | | |leased | | |

|15 | Software | 54 | Literary works | 93 | Reputation |

|16 | Computerized databases | 55 | Issue bonuses and | 94 | Retail space |

| | | |compensation | | |

|17 | Contracts | 56 | Loan Portfolio | 95 | License Agreements |

|18 | Cooperation agreements | 57 | Location value | 96 | Charts and diagrams |

|19 | Copyright | 58 | Contracts Management | 97 | Equity portfolios |

|20 | Credit information files | 59 | Database manual | 98 | Things in stakes |

|21 | Contracts with customers | 60 | Manuscripts | 99 | Agreements between |

| | | | | |shareholders |

|22 | Lists of customers | 61 | Promotional and marketing |100 | Legal rights |

| | | |materials | | |

|23 | Customer relations | 62 | Masks and moulds |101 | Shares and bonds |

|24 | Designs | 63 | Medical charts and files |102 | Subscription lists |

|25 | Development Rights | 64 | Rights to mineral resources |103 | Supply contracts |

|26 | Distribution network | 65 | Musical composition |104 | Technical and specialized |

| | | | | |libraries |

|27 | Distribution Rights | 66 | Natural Resources |105 | Technical Documentation |

|28 | Drilling Rights | 67 | Newspaper Archives |106 | Technology |

|29 | Facility | 68 | Non-compete agreements |107 | Technology-sharing agreements|

|30 | Employment contracts | 69 | Arrangements unabated |108 | Pure plant varieties |

|31 | Technical Documentation | 70 | Open orders |109 | Trade secrets |

|32 | Rights on the surrounding environment | 71 | Options, warrants, grants, |110 | Trained and organized labor |

| | | |rights | | |

|33 | Patents radio | 72 | Ore deposits |111 | Trademarks |

|34 | Favorable financing | 73 | Patent applications |112 | Training Manuals |

|35 | Favorable leases | 74 | Patents-both product and |113 | Non-proprietary technology |

| | | |technology | | |

|36 | Aroma of food and recipes | 75 | Models |114 | Usage rights to air, water, |

| | | | | |land |

|37 | Arrangements by Francis | 76 | Permits |115 | Unfinished business |

|38 | Order by Francis | 77 | Contracts with individuals | | |

|39 | Business viability | 78 | Tenure rights | | |

A. Methods of evaluation of intangible assets

( Net income capitalization method, consists in determining the economic net income. This income may be such cash-flow achievable during the remaining economic life of the intangible asset, the nature of net fees or net profit.

( Cost method

The method involves determining the cost of production in certain conditions and it estimates the value of the item usable on the principle of substitution, after relations:

Cîn = Cr - (Uzf + Uzteh)

where: Cîn is the new replacement cost, C r, the cost of reproduction; Uzf, functional wear and U zteh, wear technology.

V = Cîn - (Df + Uzec) - Uztehr

where: V is the value, Df, physical deterioration, Uzec, economic depreciation, Uztehr, functional and technological wear recoverable.

- Replacement cost new established maximum price that a prudent investor will pay for an intangible. If existing intangible is less useful than an ideal replacement, appropriate adjustments will be made regarding:

- Physical damage;

- Wear functional

- Wear (gap) technology;

- Economic depreciation (the external account).

Shortcomings of a recoverable intangible occur when expected profits from their removal than replacement cost (as materials, labor and time).

- The cost of reproduction is the cost (at current prices) by establishing a precise duplicate of intangibility that using the same materials, standards, projects and skills.

- Replacement cost is the cost to create (at current prices) an intangible that has the same utility as that. It is normal that will be used modern manufacturing methods with modern designs to current standards and current qualifications. The difference between replacement cost and reproduction cost is no bad failures. Examples of intangible assessment of which lend themselves to cost-based methods: software, databases, technical documentation, technical libraries, chemical formulas, recipes, food, etc..

- Remaining life is estimated by considering the following:

( remaining legal life (until the end of protection); ( remainder of contract (to rent, for example.); ( Normal duration of some regulations; ( life physical remaining life; ( remaining functional life; ( the remaining life technology; ( remaining economic life (when not generate profits); (analyse mortality similar items.

Because the value obtained to be credible, must consider specific aspects rigorous evaluation. Cost-based method is relatively accurate, but completely ignore the effect of these charges.

( Method comparable market value

The method consists in comparing the market value (fair market value, exchange value) of intangible assets of the same nature and similar.

The method involves a systematic framework based on analysis of transactions of intangible elements that are considered comparable if:

( ability to generate profits; ( served market intangible; ( past and projected return on investment; ( Life used and remaining life predictions; ( Time transaction; ( degree and foreseeable risk of fatigue (physical, functional, technological and economic); ( special conditions of the transaction (special financing, non-competitive agreement, etc.). The method is best but needs a rich data base, current and verifiable, so very difficult to obtain. Meanwhile, most times, more transactions relating to intangible assets which usually accompanies a tangible asset, in this case, a certain intangible price separation becomes extremely difficult.

Depending on certain situations imposed by nature intangible three assessment methods may be used preferentially in Table 2

Relevance evaluation methods

Table 2

| Intangible assets |

|Primary |

|Secondary |

|Low |

| |

|Patents and technology |

|Income |

|Market |

|Cost |

| |

|Trademarks |

|Income |

|Market |

|Cost |

| |

|Copyrights |

|Income |

|Market |

|Cost |

| |

|Management software |

|Cost |

|Market |

|Income |

| |

|Software product |

|Income |

|Market |

|Cost |

| |

|Distribution |

|Cost |

|Income |

|Market |

| |

|Franchise rights |

|Income |

|Market |

|Cost |

| |

|Company Procedures and Practices |

|Cost |

|Income |

|Market |

| |

In the case of intellectual property objects placed under linear damping, the assessment can be done by a special method taking into account tax savings, the results from the introduction of depreciation expense.

The value of intellectual property (V) is given by:

V = V p + V a ,

where: V p represents the present value of economic profit from the exploitation of the subject property, V a, the present value of profits resulting from the tax savings associated with depreciation.

Va = [pic][pic], where: Vi, represents the full value of amortizable intellectual property, and business income tax rate, dr, life remaining; an , factor current value of a unit; n, the number of years of remaining life.

B. Assessing the costs and results of research development and innovation

Evaluation CDE projects (including projects of technological innovation) is mainly in the following cases: ( merger between two companies; ( Temporary association; ( equity nature; ( sale of a separate project by a potential customer; ( determining the intrinsic value of a share; ( privatization of enterprises.

If innovative enterprises where a large number of RDI projects, their evaluation is very important.

In most cases the privatized enterprises have not included the cost of privatization value of technological innovation projects and any other objects of intellectual property (asset).

In most cases, they are not recorded in the balance sheet intangible chapter or, if registered, their value was determined by the cost method of production and / or purchase.

Representative value of a project resulting from the CDI is the update / capitalization of future income stream generated by using the CDI project. Assessment and asset accounting default recording a CDI project, should be identified and clear tie between intangible asset (the project includes the concept of RDI) and Good-Will (goodwill).

IAS 38 - Intangible assets (approved by the IASC in September 1938) contains details on terms to be used to define their criteria and conditions, the assessment and recording projects in accounting, intangible category. IAS 38 (paragraph 42) states that "not recognized any intangible asset arising from research (or research phase of a project created by the business). 6 Research expense (or the research phase of a project internally generated) should be included in costs when costs are incurred ".

International Accounting Standards IAS 9 (revised 1993) - R & D expenditure and IAS 38 - Intangible Assets, addresses the general concepts and scope of the two concepts, namely "research / development phase of a project internally generated”.

The concept of research is part of the definition of "basic research" and expenditure are recorded in operating expenses.

The concept of development is limited to technological innovation and is the definition of "application of research results or other knowledge to design and develop projects designed to produce new or substantially improved materials, processes, products, processes, systems or services before the commencement of commercial production or use”.

The scope of development activity include: ( designing, building and testing prototypes and experimental models; ( design, construction and operation of pilot facilities involved equipping activities; ( Design, construction and materials testing for new or upgraded processes, products, systems or services.

There are also activities not falling within the scope of research or development activities within: ( scientific and technological information services; ( Quality control, routine tests and tests on products; ( necessary repairs as a result of disruption occurred during production; ( Feasibility studies; ( administrative and legal papers relating to patents and licenses; ( routine work to improve the quality of a product; ( adoption of existing capacity at the customer's practical needs; ( routine design tools, appliances, etc. models; ( engineering design and execution of construction, the relocation of their redispunere the location of equipment;

( Developing norms, standards, quality manuals, procedures, technical notebooks etc.

Where, for an individual project for IDUs, it can make a distinction between research and development, IAS - 38 states with the assimilation of all research expenditure and therefore does not allow accounting of project results as assets body, but as operating expenses.

For a development project can be evaluated and its value to be incorporated in the net asset value, with market value of other asset categories, five criteria must be met: the project is strictly individual, economic and technical feasibility of the project to be assured, there is an interest in the use of project results, there is a potential market, availability of financial resources, human or material.

Technological engineering project appraisal is made using three classical methods: based assets (or cost) based on income, based on market comparisons.

As evaluation of technological innovation processes is a complex activity, it requires close collaboration between assessors and engineers in implementing the project and / or design engineers who can ensure accuracy and reasonableness in realistic estimate, which help establish a realistic value.

• Evaluation of R & D expenditure and innovation (RDI)

Evaluation of R & D spending and innovation (RDI) is only under certain conditions and in two distinct ways 10:

a) typical French approach

The evaluation is CDI projects before their completion and implementation. The main criteria for assessing the costs of R & D are:

• The payback period for the project and its implementation costs; • The annual growth rate of turnover by implementing the project;

• accessibility adaptability to new markets through products or services;

• reduce costs and increase profit margin.

b) the typical American approach, that the audit costs of CDI.

The essence of this approach is the correct size of expenditure control and RDI, and thus to measure the costs of CDI normal size, normal size so it can be stated in the balance sheet.

With this approach, assessing the costs of R & D is focused on:

• reorientation of core competencies, total investment by reducing the size of the company through the restructuring of laboratories, eliminating duplicate activities are; • resorting to external CDI, the cooperation and specialization • CDI apparent productivity improvement through a rigorous selection of projects; • shorter time to market of new products, integrating R & D in the enterprise process reengineering.

CDI's approach involves assessing the costs through several stages of analysis and measuring various economic effects.

If CDI projects, the valuation method is most relevant discount cash flow, so the update stream of cash flow and net residual value of 11.

Method of assessing the costs of R & D is identical to the specific economic calculations of a feasibility study.

( Evaluation results of research development and innovation

(RDI) of public funding should be made to include units executing their heritage.

Results of CDI, tangible and intangible, is focused on: forecasts, strategies, studies, designs, standards, regulations, software, technology and physical objects (prototypes, equipment, apparatus, facilities, etc.).

Heritage value of the results of RDI activities as physical objects, to be recorded in the accounts is determined based on the following links:

Vi = Ai ( (1-u) ( c,

where: Vi is the value on the assets, Ai coefficient updating value taking account of inflation, calculated on the period from the date of receipt of the physical object to his assessment. Update coefficient value will be determined according to data published in the Statistical Bulletin of Prices, published by the National Commission of Statistics, u, the degree of wear, determined on the basis of technical expertise, c, total costs of achieving physical object During development of the research theme.

The degree of physical and moral wear can be determined by the following situations:

- Physical wear and tear strength in the research process (mounting, dismounting, position, demonstration, testing);

- Natural wear caused on account of life fixed capital depreciation rules under the law;

- Obsolescence recorded following the publication of research results, the gap between the time the account was researched and to date has been applied;

- Registered obsolescence due to transfer fully the value of technical and technological information in the research.

Between stock value and book value are more significant differences that vary from one company to another. Thus, a medium sized company, failure to register accounts reached about 40% of its market value and a high-tech firm, over about 50%. In other words, 40-50% of the market value of listed companies, is the amount of unrecorded intangible assets on its balance sheet.

Intellectual property includes intangible asset class whose property rights are:

o patents, innovations, recipes, processes, projects, models, know-how;

o copyright;

o trade marks and product;

o franchise and licensing agreements;

o methods, programs, systems, procedures, companies, exploration studies, studies of forecasts, estimates, customer lists, technical information;

o software;

o other factors such as intellectual.

( Evaluarea brevetelor de invenţii

Exploitation of industrial property right, including patent, is made in different ways, in certain times and in certain geographical areas.

Setting heritage of a company must take into account the number of patents it holds marketable enterprise portfolio.

In this connection should be a selection of tradable certificates inactive (those who were not traded through a license agreement) without chance of recovery.

For example, IBM has managed to increase the annual amount collected in fees for patent licenses to 30 mln USD in 1990 to around 1 billion USD in 1999 13.

Dow Chemical Company in 1994 conducted an audit of an approximately 29,000 patents in the portfolio of the 15 major business units of the company. Following this audit, the Company has renounced the protection of a large number of patents (some were donated free of charge to universities), so to pay protection fees, obtaining a saving of $ 50 million in annual revenue and an increase in fees USD 25 million (before Audit) to over 125 million USD in 1995.

Another example is the Du Pont company, which in 1999 achieved a saving of 64 million dollars in patent cancellation inactive.

Income derived from leasing the rights to use patents, the U.S. economy, rose from 15 billion USD in 1990 to over USD 110 billion in 2000.

Surrender the right to use a patent is made by a contract of license. License transactions are classified into two categories: entrepreneurs and licenses granted to third parties licensed to subsidiaries or branches of a company.

Licensing agreements are the main source for obtaining revenue. Establishment fee rate is several ways:

o method of comparing profitability (MCP)

o hybrid method of comparison with transactions (HMCT)

o profit sharing method (PSM);

o residual method (RM)

o analysis of DCF (Discounted Cash Flow Analysis).

The most important aspect of licensing is royalty payment site. It can be calculated as a percentage, applied to the overall price of output sold. Royalty payment site is regularly at intervals agreed in the license agreement, usually each year.

By law, for a period of time, the patent provides a monopoly inventor To be sold or exploited, patents must be assessed. Evaluation of a patent is applied to its sale, through a license agreement or to determine the contribution made to the profit and / or capital of a company. Assessment of patent law is a complex issue which is under evaluation methods of intellectual property. To evaluate a patent, first must be accurately identified subject invention, then it must be analyzed in terms of legal, economic, social and technical.

Identifying the object of the invention is required to determine its usefulness. There are patents inactive and without opportunity to be exploited by the holder, including the assignment / license. In these circumstances the value of those patents is zero. Sometimes, these patents have a negative value, the fees paid annually by the holder protection. There are patents considered active (used in production at the valuation date, but with a real chance of implementation).

Techno-economic analysis of patent involves examining several specific elements of the invention, including those which contribute to the recovery of the invention. In the appraisal process itself, is an economic analysis to determine profitability and economic risk. Because the degree of relativity you have valuation methods patents, a patent application in practice requires a high-risk investment.

Evaluation of a patent requires going through several stages. These steps are listed in the report of the evaluation. The value of a patent may be obtained by different methods or can be assessed in comparison with other economic indicators.

Common methods are:

1. Method of contribution to profit

This is done mainly by determining patent value using the following calculation assumptions:

a) Annual evolution of the turnover of products manufactured under patent or proprietary technology, b) discount rate of net profit.

A simplified variant of the method of contribution to net profit can be obtained by directly estimating an annual net profit (NPa) obtenabil of patent application. This PN a , initially and can be calculated by assuming future annual increase in rate constant growth (g) and a limited forecast horizon economic life of the patent estimated. Therefore, by establishing a discount rate and assumptions above, it can calculate the patent (Vb) using the expression:

Vb = PNa ( a

where: a represents the current value of an annuity factor, calculated according to the relationship: [pic] [pic], the capitalization rate

(k = t - g); t, the discount rate, g, aspired annual rate of increase annual net profit, n, number of years remaining economic life of the patent.

2. Royalty savings method is applicable to patents applied by the holding company. To assess by this method is the inclusion of patent value in the company's assets.

3. Residual method (or method appropriate rate of return) and focuses on the rate of return is used for evaluating an object or several objects of intellectual property. With this method can determine the size and annual fee for a license transfer the right to use the various options possible under negotiations between licensor and licensee.

This method of evaluation of patent approach involves the following steps:

( Calculation of net profit before finance charges;

( Calculate the market value of the main categories of assets (tangible assets, net working capital, intangible assets that can be evaluated directly by replacement cost method);

( Establishing pay rates "appropriate";

( Appropriation of profit (income) before net financial expenses;

( Calculating net profit for the remuneration of the patent;

( Calculating patent (or patent group) by updating the net profit attributed;

( Calculating patents each patent separately.

4. Method cost savings

This method is used to assess active patents, but with potential application. Evaluation is usually cost method patent. The value of a patent may be obtained and the comparison with other economic indicators. As a result, the value of a patent may be: ( patent proportional contribution to achieving net profit of the company or the size of the fees payable (if the patent ought to hypothetically be purchased through a license agreement); ( directly proportional to technical and technological advances in relation to competitors; ( inversely proportional to their age; ( directly proportional to the nature of invention and patent claims by force; ( directly proportional to the scope of the patent (eg. in the industrial branch).

BIBLIOGRAPHY

1. Năstase, I., G., (2009), Insurance law of industrial property rights of inventors, QUALITY magazine, year X, no. 1-2, January-February, p. 67

2. Năstase, I., G., (2008), Implications of research, technological development and innovation in security system, Ph.D Thesis, Ministry of National Defense, National Defense University, War College, Bucharest.

3. Năstase, I., G., (2010), Financial Management of the Company. Methods of analysis, evaluation and calculation of financial and economic efficiency of intangible fixed assets. Case Studies - The patent Pro Universitaria Publishing, Bucharest.

4. Năstase, I., G. Lepădatu, G., (2009), Interdependence of economic and technological environment, journal Quality, year X, no. 6, June 2009, p. 40-45.

5. Năstase, I., G., Năstase, G., I., D., Scientific research and technological development-factors of progress, Journal Inobarometru year I, no. 2, October, p. 5.

6. Năstase, I., G., (2010), Economic and Financial Crisis in Romania in our Globalized World, Causes, Effects and Solution, Metalurgia International Magazine, vol. XV, no. 3, p. 111-113 3, p. 111-113

7. Năstase, I., G., Badea, C., D., NASTASE, G., I., D., (2010), General Concepts of Political Science, METALURGIA INTERNATIONAL Magazine, Vol. V, no. 1, p. 195-200.

8. Năstase, I., G., Badea, C., D., Năstase, G., I., D., (2010), Innovative models of development through science, Cogito Magazine, no. II, March 2010, vol. II, Ed Pro Universitaria, Bucharest, p. 106-135.

9. Năstase, I., G., Badea, C., D., (2010), System Problems, Research and Development and Innovation (RDI) of Romania, Euromentor Magazine, Vol. I, March, p. 29-30.

( Associate Professor - "Dimitrie Cantemir" Christian University, Bucharest.

( Engineer - Institute for Nuclear Research, Piteşti.

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