Singapore begins public consultation for Intangibles Disclosure Framework
15 December 2022
The Accounting and Corporate Regulatory Authority (ACRA) and the Intellectual Property Office of Singapore (IPOS) launched a public consultation for an Intangibles Disclosure Framework.
A key initiative under the Singapore IP Strategy 2030 (SIPS 2030), the Framework seeks to help businesses disclose and communicate their intangible assets (IA) or intangibles and maximize their economic potential.
Intangibles are the non-physical assets of a company. Among these are its technologies, brand recognition, data, trade secrets and intellectual property (IP) such as patents, copyrights and trademarks.
The Framework was developed by the Intangibles Disclosure Industry Working Group composed of representatives from the accounting, valuation, legal and finance sectors. It aims to provide stakeholders with standardized information about a company’s IA so more informed assessments of business and financial prospects can be made. It seeks to improve market transparency by enabling businesses to communicate the value of their intangibles and facilitate their commercialization such as increasing access to financing as businesses, investors and financial institutions gain clearer insights on a company’s IA.
“As businesses increase their investments in intangible assets, there is a need for an Intangibles Disclosure Framework to help improve transparency and decision-making by private and capital market players. For banks, the Framework provides a robust understanding of how intangibles contribute to the cash flows of businesses,” said Frederick Chin, managing director and head of United Overseas Bank’s group wholesale banking & markets and co-chairman of the Working Group.
The public consultation exercise will run from December 14, 2022 to February 28, 2023.
Launched on World IP Day on April 26, 2021, SIPS 2030 is Singapore’s 10-year blueprint which aims to maintain the country’s position as a top-ranked IA/IP regime and bolster its reputation as a global hub for IA and IP activities and transactions.
The public can access the consultation documents on the ACRA and IPOS websites, and the REACH consultation portal. Members of the public can submit their comments via FormSG.
- Asia IP
