Intellectual Property at Providence Hospital
EXTRA CREDIT ASSIGNMENT:
Each week I have posted additional information in the discussions and under Instructor’s Insights. This information relates accounting/financial issues to the topic of discussion for that week. Choose one of those topics from throughout this term and write a one page analysis of how this topic may arise as a point of concern for you in your present career or in the career that you are currently working towards. Discuss the issues, how you would address the issues, and what policies and procedures you would put in place to address these concerns.
I currently work for Providence Hospital in Columbia, SC
THIS IS THE TOPIC I CHOSE:
“Is intellectual property considered a form of capital asset within a company?
Some kinds of intellectual property are considered capital assets and may be recorded on a company’s balance sheet as intangible assets. Intellectual property is a fairly broad term and can take many different forms. Examples of intellectual property include patents, trademarks, copyrights, trade secrets or unique ideas. While some of these assets are recorded on a company’s balance sheet, the true market value of this type of property is often difficult to determine reasonably.”
http://www.wipo.int/sme/en/documents/ip_accounting_fulltext.html
http://www.journalofaccountancy.com/issues/2002/apr/anewscorecardforintellectualproperty.html
Answer preview
Intellectual property can be categories to different forms. Examples include trademark, copyrights, patents or any unique idea (www.investopedia.com). In the healthcare industry, patents can be in the form of trademarks, copyrights, and patents. If the Providence Hospital has some research school on the side that helps it to come up with new strategies and ways for solving different ailments then, the procedure might require a patent…
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