Management and Risk Control Framework for Securing Intellectual Assets Transactions.
Prakash Deb Roy, Senior Associate – Legal , Cognizant Technology Solutions, India
Utsab Banerjee, Manager Legal, Cognizant Technology Solutions, India
Adopting corporate governance standards for cross-jurisdictional transactions is a norm for an efficient business ecosystem. Globally, we find de facto and de jure standards, like Basel norms for banking, OECD (Organization for Economic Co-operation and Development) standards on contracts, IFRS (International Financial Reporting Standards) and GAAP (generally accepted accounting principles) for accounting, etc., to govern transactions.
However, in the case of intangible issues, specifically involving intellectual property (IP) dealings that contribute to the market book value/fair value, there is a dearth of adoption standards. There are conflicting ways of treating intangibles between the US GAAP and IFRS standards.
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