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What are patents

Answer Posted / srikantpatnaik

Patents are like intangible assets. Basically the technical
people does R&D work and come out with new technology,
procedure, formula or any improvements to any existing
theories etc which can be used to generate income. So the
inventor registers the findings with the legal authorities
and anybody wants to use it, needs to have the inventor's
permission, else it would be void in law and the inventor
has the right to sue the unauthorized use. we have
accounting standard on this. I guess now the patent be
treated like a asset and provide depreciation.(or may be
amortise it over the life of the asset)

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