Rules for assessing the value of intangible assets (initial and balance sheet) - methods and approaches. Valuation of intangible assets How are nma evaluated upon their acquisition

1. The role and place of intangible assets in the development of the enterprise.

1.1. The concept of intangible assets. Their structure.Characteristics of intelligent industrial property.

With development market relations a new type of funds appeared in the composition of the subject's property - intangible assets.

Assets can be recognized as intangible assets:

Identifiable (having features that distinguish this object from others, including similar ones) and not having a material (physical) form;

Used in the activities of the organization;

Capable of delivering future economic benefits to the organization;

Term beneficial use which exceeds 12 months;

The cost of which can be measured with sufficient reliability, i.e. there is documentary evidence of the cost, as well as the costs associated with their acquisition (creation);

If there are documents confirming the rights of the copyright holder.

In the absence of any of the above criteria, the costs incurred are not recognized as intangible assets and are expenses of the organization.

Classification of intangible assets.

There are 4 types of intangible assets:

Objects of intellectual property;

Rights to use natural resources;

Deferred costs;

Firm price.

Other intangible assets - licenses to carry out a type of activity, to carry out foreign trade and quota operations, to use the experience of specialists, the right to trust management of property.

A special permit to carry out a type of activity subject to the obligatory observance of licensing requirements and conditions, issued by the licensing authority to the license applicant or licensee.

The license is issued for a period of not less than 5 and not more than 10 years. At the end of the license term, it can be extended at the request of the licensee.

Do not apply to intangible assets:

The intellectual and business qualities of the organization's personnel, their qualifications and ability to work, since they are inseparable from their carriers and cannot be used without them;

Unfinished and (or) unformed in the establishedlegislation in the order of scientific research,experimental design and technological work;

Derivatives market financial instruments that provide the right to carry out a specific transaction on certain conditions.

Intellectual property objects are divided into two types: regulated by patent law (industrial property objects) and regulated by copyright.

Patent law protects the content of a work. For the protection of inventions, utility models, industrial designs, trade names, trademarks, service marks, they must be registered according to the established procedure with the relevant authorities. The list of objects protected by patent law is exhaustive.

It is subject to legal protection if it is new, has an inventive step and is industrially applicable (device, method, substance, strain, microorganism, plant and animal cell cultures) or is a known device, method, substance, strain, but has a new application.The main forms of use of objects protected by patent law are the transfer of rights under a license agreement and the introduction of an object as a contribution to the authorized capital of an organization. The license agreement differs significantly from the contract of sale and lease, since the license agreement transfers to the patent owner not the invention itself, but only the right to use it; The patent owner can transfer the right to use the invention to a wide range of third parties and use the invention himself. The cost of objects protected by a patent consists of the cost of their acquisition, legal, consulting and other costs.

A patent invention is issued for up to 20 years and certifies the priority of the invention, authorship, and the exclusive right to use it.

Artistic and design solution of the product, defining it appearance. The distinguishing features of the patentability of an industrial design are its novelty, originality and industrial application. Novelty includes a set of essential features of an industrial design that determine the aesthetic and (or) ergonomic features of the product, not known from the information that became publicly available in the world before the priority date of this design. The originality of an industrial design is determined by its essential features, which determine the creative nature of the aesthetic features of the product. An industrially applicable design is recognized if it can be repeatedly reproduced by manufacturing a specific product.

Industrial designs, even if they have signs of novelty, originality and are industrially applicable, are not subject to patentability if the technical function of the product prevails in the decisions of their manufacture.

These products include:

Objects of architecture (except for small architectural forms), industrial, hydraulic and other stationary structures;

Printed products;

Objects of unstable form from liquid, gaseous, friable or similar substances;

Products that are contrary to the public interest, the principles of humanity and morality.

A patent for an industrial design is issued for a period of up to 10 years and may be extended for another period of up to 5 years.

The utility model is a constructive implementation of the constituent parts. The distinguishing features of the utility model are novelty and industrial applicability. Legal protection of a utility model is carried out in the presence of a certificate issued by the Patent Department for a period of up to 10 years.

and service mark- these are designations capable of distinguishing, respectively, the goods and services of one legal or natural persons from homogeneous goods and services of other legal or natural persons. Legal protection of a trademark is granted on the basis of its state registration in the manner prescribed by this Law. A trademark may be registered in the name of a legal or natural person engaged in entrepreneurial activity. A trademark certificate is issued for a registered trademark, which certifies the priority of the trademark, the exclusive right of the owner to the trademark in relation to the goods indicated in the certificate. Word, figurative, three-dimensional and other designations or their combinations can be registered as trademarks. A trademark can be registered in any color or combination of colors.

A geographical indication is a designation that identifies a product as originating in the territory of a country, or from a region or locality within that territory, where certain quality, reputation or other characteristics of the product are largely attributable to its geographical origin. The concept of "geographical indication" includes the concepts of:

- "appellation of origin" - the name of a country, locality, locality or other geographical feature used to designate a product, the special properties of which are exclusively or mainly determined by natural conditions or other factors characteristic of this geographical feature, or a combination of natural conditions and these factors ;

- "indication of the origin of goods" - a designation that directly or indirectly indicates the place of actual origin or manufacture of goods.

The individual name of the legal entity. It is registered during the state registration of a legal entity and is valid during its existence. Names non-profit organizations, unitary enterprises, and in cases provided for by law and other commercial organizations should also include the nature of the activities of the legal entity. In addition, a commercial organization that is a legal entity must have a company name, for which, from the moment of registration in the prescribed manner, it acquires the exclusive right to use it. Persons using a company name without the consent of its owner are obliged to stop using the right to this name at the request of the owner and compensate for the losses caused.

The legal form of using a trademark, service mark and company name is a license agreement.

Information of a technical, organizational, official nature that has actual or potential commercial value due to the unknown third party. This information is not freely available legally; and the owner of the information takes measures to protect its confidentiality.Unlike other objects of industrial property, know-how is not subject to registration, but is protected by a ban on its disclosure to persons who have access to this information.

Under the know-how transfer agreement, the know-how itself is transferred, and not the right to use it. Mandatory elements of a know-how transfer agreement are a description of all features of the transferred object, measures to protect confidentiality and assistance in the practical feasibility of know-how.

1.2.Role and place of intellectual industrial propertyin the effective development of the enterprise.

An economic entity of any form of ownership must be able to competently analyze the situation on the market for products (services), keep track of trends in demand for its developments or products (services), secure a market “niche” and be seriously prepared in the field of entrepreneurial activity, marketing, know the legal , legal bases of relations with partners.

The tactic of ignoring such actions will inevitably result in a complete loss of the competitiveness of their products in foreign and domestic markets for enterprises in the future.

The practical use of intangible assets in the economic turnover of enterprises, turning them into a specific mechanism for the commercial evaluation of the results of intellectual work, intellectual property makes it possible for a modern enterprise (firm):

Change the structure of its production capital by increasing the share of intangible assets in the cost of new products and services, increasing their knowledge intensity, which will play a certain role in increasing the competitiveness of products and services;

It is cost-effective and rational to use idle and “dead weight” intangible assets that many enterprises, firms, research institutes, design bureaus, research laboratories, etc. still have.

The process of commercialization of the innovation sphere can be conditionally reduced to the following stages:

The first stage is a competent classification of intellectual property objects, on the basis of which a preliminary assessment of their market value should be formed. However, at present, enterprises either do not fulfill it, or do it in an amateurish way. Therefore, professional development of basic methodological and methodological recommendations is necessary.

The second stage is the inclusion of the value of intangible assets in the property of enterprises in the accounting account "Intangible Assets".

The third stage of commercialization of intangible assets is:

In the active entry of enterprises into the market of scientific and technical products;

In the ability to find your buyer, to master the art of an entrepreneur, i.e. to look for a customer (consumer) for your idea or development yourself;

In the ability to write for magazines, break into television, etc.

Intellectual property is an object of property that can not only be owned, used and disposed of, but also (with proper documentation) used in the authorized capital and in the economic activity of the enterprise as intangible assets.

The use of intellectual property in the statutory fund allows the enterprise and the authors - creators of intellectual property to receive the following practical advantages:

Form a significant statutory fund without diverting funds and provide access to bank loans and investments (intellectual property can be used along with other property of the enterprise as an object of collateral when obtaining loans);

Depreciate intellectual property in the statutory fund and replace intellectual property with real money (capitalize intellectual property). At the same time, depreciation deductions are legally included in the cost of production (not subject to income tax);

Authors and enterprises - owners of intellectual property to participate as founders (owners) in the organization of subsidiaries and independent firms without diverting funds.

The use of intellectual property in business activities will allow:

To document ownership rights and to put objects of intellectual property on the balance sheet as the property of the enterprise. This makes it possible to depreciate intellectual property and form appropriate depreciation funds at the expense of production costs;

Obtain additional income for the transfer of rights to use intellectual property, as well as ensure reasonable regulation of prices for products of innovative activities of the enterprise, depending on the amount of transferred rights to use intellectual property;

Pay royalties to individuals (authors) bypassing the wage fund with the inclusion of costs in the cost (without traditional deductions to insurance and other funds and without limiting the amount of payments, with the allocation of the cost of paying royalties to the product cost item - "other expenses").

In addition, documentary evidence of ownership and rights to use intellectual property, as well as obtaining official titles of protection, allows you to ensure real control for market share and the possibility of legal prosecution of unscrupulous competitors and "pirates" (violators of exclusive rights to intellectual property).

Future income from intangible assets is often very significant. Investments in research and development, training, etc. actually significantly increase the value of the enterprise if successful. It would be a mistake to ignore this fact. The modern economy is waiting for a new type of innovation: performance reports that go beyond the narrow confines of financial reporting. It is necessary to expand profit forecasts to include areas of expertise and customer satisfaction, describe the potential of the enterprise using factors on which its success depends, indicators of management effectiveness, as well as assessments of the level of technology used. It is beneficial for an enterprise to systematically provide such reports to interested parties about its intangible assets and explain to them what the specific contribution of these assets to the increase in the value of their production processes.

1.3. Forms of economic turnover of intellectual propertyindustrial property.

Receipt of intangible assets to the enterprise.

Intangible assets are included in the composition of intangible assets on the basis of an acceptance certificate as they are created or received by the enterprise or work is completed to bring them to a state suitable for use for the planned purposes.

In the presence of a title of protection issued by an authorized government agency and confirming the rights to intangible assets, a title of protection may be indicated as an accounting unit as an equivalent of the rights arising from this title of protection.

Intangible assets can enter the organization in the following ways:

1. acquisition of intangible assets for a fee;

2. creation of intangible assets by the organization itself;

3. receipt of intangible assets from the founders on account of their contribution to the authorized capital of the organization;

4. gratuitous receipt of intangible assets from other organizations and individuals;

5. receipt of intangible assets in exchange for other property.

Acquisition of intangible assets for a fee.

When an enterprise buys one or another intangible asset, it incurs certain expenses for this purpose. For example, in addition to payments in favor of the previous owner, it may be necessary to pay for the services of an intermediary, through whose efforts the necessary object was found, the work of a consultant, whose services were used when drafting the text of the contract, the cost of registering the rights of the new owner that have arisen, and other similar costs directly related to the purchase of this property. property.

As a result, a certain amount will be revealed, the individual parts of which are united by a common purpose - the acquisition of an intangible asset. It is this amount that is prescribed to be accepted on the balance sheet as the initial cost of an intangible asset acquired for a fee.

Creation of intangible assets by the organization itself.

If intangible assets are created by the organization itself, then the composition of the costs associated with this process will be quite wide and varied. They may include expended material resources, wages of the personnel involved in this process, including the entire set of accruals to the wage fund, payment for services of third-party organizations under counterparty and (or) co-executive agreements.

The receipt of intangible assets from the founders on account of their contribution to the authorized capital of the organization.

An intangible asset received as a contribution of the founder to the authorized capital of the organization is not paid. However, in this case, the market situation and the conjuncture of supply and demand do not need to be taken into account. The contribution of the founder is estimated, and, therefore, the initial cost of the intangible asset is formed by agreement between the founders.Free receipt of intangible assets from other organizations and individuals.

When receiving an intangible asset free of charge under a donation agreement, the situation, despite a certain external similarity, is fundamentally different from the process of forming the authorized capital.

The costs of paying registration fees, state fees, valuation of intangible assets received free of charge, and other expenses directly related to obtaining intangible assets and bringing them to a state in which they are suitable for use are accounted for as capital investment costs.

Accounting for intangible assets.

The main tasks of accounting for intangible assets: the formation of information reflecting the movement (receipt, disposal, receipt (transfer) of rights under license or copyright contracts) of intangible assets in the organization; formation on accounts accounting original cost; reflection in accounting of depreciation of intangible assets; determination of the results of the sale and other disposal of intangible assets.

The accounting unit of intangible assets is an inventory item. An inventory object of intangible assets is a set of rights arising from one patent, certificate, assignment agreement, etc. The main feature by which one inventory object is identified from another is its performance of an independent function in the production of products, performance of work or provision of services, or use for the management needs of the organization.

Amortization of intangible assets.

An important aspect of accounting for intangible assets is their depreciation, which ensures a uniform transfer to the cost of products of one-time costs that occurred when obtaining ownership of intangible assets used in the process of producing these products.

The procedure for calculating depreciation of fixed assets and intangible assets is determined by the Regulations on the procedure for calculating depreciation of fixed assets and intangible assets.The objects of accrual of depreciation of intangible assets are defined in the Instructions for Accounting of Intangible Assets.Amortization of intangible assets is charged:

For objects used in business activities - based on the chosen useful life in linear, non-linear or productive ways;

- for objects not used in business activities,

- based on the standard service life in a linear way.

Inventory of intangible assets.

All property of the organization, including intangible assets, is subject to inventory.As in the general case, the main objectives of the inventory of intangible assets are:

Identification of the actual presence of intangible assets;

Comparison of the actual presence of intangible assets with accounting data;

checking the completeness of the reflection in the accounting.

When an unaccounted object is found, the commission has the right to choose a method for estimating its value, taking into account the technical and economic data of the object, and to establish its possible standard useful life.

Disposal of intangible assets.

Disposal (deregistration) of inventory items of intangible assets is carried out in the following cases:

Implementations;

Free transfer;

Write-offs after the expiration of the standard service life or its useful life;

Contributions as a contribution to the statutory fund of another organization with a complete transfer (assignment) of property rights;

And also in other cases stipulated by the legislation of the Russian Federation.

Transfer of rights to intangible assets.

An enterprise can transfer the rights to use intangible assets to any legal entity or individual, and a license agreement is drawn up. Ownership remains with the licensor. In addition, you can issue an exclusive or non-exclusive license. With non-exclusive - the licensor retains all the rights confirmed by the patent, with exclusive - the licensor uses only those rights that have not been transferred to the licensee. For the transfer, the licensor may require a one-time fee (lump payment), as well as receive periodic payments (royalties). The treatment of these payments depends on whether such activity is the main one or not.

Write-off of intangible assets.

Intangible assets are subject to write-off from the balance sheet if they are no longer used for the purposes of production (performance of work, provision of services) or for the management needs of the organization, i.e. in connection with the termination of a patent, certificate, other security documents, in connection with the assignment (sale) of exclusive rights to the results of intellectual activity, or for other reasons. Income and expenses from the write-off of intangible assets are subject to attribution to the financial results of the organization.

2.Main problems of evaluation of intellectual industrial property.

2.1. The main types and methods for assessing intellectual propertyindustrial property.

As a rule, it is required when solving some specific problem related to the use of property rights to these intangible assets and is determined by the purpose of this use.

Intangible assets are a very capacious and not always clearly defined concept, and therefore, when assessing them, it is necessary to correctly classify the object of assessment.

Valuation of intangible assets and intellectual property is carried out in accordance with the Guidelines for the valuation and accounting of intellectual property objects as part of intangible assets and the Procedure for the examination of the reliability of the valuation of intellectual property objects as part of intangible assets, approved by a joint order of the State Patent Committee, the Ministry of Economy, the Ministry of Finance, the State Committee Science and Technology

Documents required for assessment:

Description of the object;

Title documents for the object (patents, certificates, license agreements, contracts, copyright agreements, etc.);

The term of the object.

With a more detailed acquaintance with the objects, depending on their composition, specifics and purposes of the assessment, an appraiser's request for other additional information and documentation is formed.

The intangible assets of an enterprise are valued at the same types of value as other property, that is, at recovery, market, investment, mortgage, insurance, taxable and so-called initial.

The initial cost is the cost of an intangible asset, at which it (the asset) is initially recorded on the balance sheet of the enterprise. This cost is made up of the costs of creating (or acquiring) an asset and its fine-tuning, as a result of which it can be used at the enterprise (see Table 1).

Table 1. Determination of the initial cost of intangible assets.

Acquisition channel (receipt) intangible assets	Initial cost means:
1. Acquisition for a fee from others organizations and individuals	the value of the intangible asset itself, including the lump-sum payment; services of third parties related to the acquisition and evaluation of intangible assets; customs payments, registration fees, state duties and other payments made in connection with the acquisition or acquisition of rights to objects of intangible assets; taxes and other payments to the budget in accordance with the law; other costs directly related to the acquisition of intangible assets
2. Acquisition in exchange for other property	the value of the transferred property, at which it was reflected in the accounting, unless otherwise provided by law
3. Gratis receiving from others organizations	market price; if it is impossible to evaluate at market value, the value is determined by agreement of the parties, but not lower than the book value at which this intangible asset was registered with the transferring party
4. Create your own organization	the amount of actual expenses for the creation of intangible assets, which include expenses for material assets, wages, third-party services, patent fees and other expenses
5. Application founders on account of their contribution to the authorized capital of the organization	the amount of monetary value agreed by the founders (participants) on the day of signing the agreement on the establishment of the organization and (or) approval of the charter; the amount of expert assessment in cases established by law

Changes in the initial cost of intangible assets are provided for in the following cases:

Carrying out revaluation of intangible assets by decision of the Government of the Russian Federation;

Making payments established in accordance with the legislation related to the confirmation of property rights;

Capital investments in the improvement of industrial property objects, computer programs and databases of own production;

Other cases in accordance with the law.

The replacement cost (or cost of reproduction) of an intangible asset is determined by the amount of costs that must be made to restore the lost asset. The replacement cost is determined by the cost approach.

Market price- this is the most likely price that an intangible asset should achieve in a competitive and open market, subject to all conditions of fair trade, conscious actions of the seller and buyer, without the impact of illegal incentives. In this case, the following conditions must be met:

The motivations of the buyer and the seller are typical;

Both parties are well informed, consulted and act, in their opinion, taking into account their interests;

The intangible asset has been put up for sale for a sufficient amount of time;

Payment is made in cash;

The price is normal, not affected by the specific conditions of financing and sale.

Investment cost- this is the cost of intangible assets for a particular investor who is going to buy or invest his financial resources in an asset to refine it. The calculation of this value of the asset is made on the basis of the income expected by this investor from its use and the specific income capitalization rate, which is determined by the investor himself.

Valuation of intangible assets for collateral is carried out on the basis of market value. In this case, it is necessary to distinguish between the collateral value of intangible assets and the size of a loan lent against the security of an intangible asset. These concepts differ both in essence and in magnitude. Valuation of the market value of an intangible asset is made based on the parameters of the intangible asset market (including the rate of return of this market), while the amount of the loan, although secured by the intangible asset in question, is determined based on the parameters of the financial market (including the degree of risk in the financial market). Therefore, the size of the loan should be determined by a specialist in the financial market, and not by an expert appraiser.

The insurance value of intangible assets is calculated on the basis of the replacement value of the asset that is at risk of destruction. On the basis of the insurance value of the asset, the sums insured are determined, insurance payments and insurance interest.

The value of intangible assets for taxation is determined on the basis of either market or replacement value. More accurate assessment results for taxation are obtained when the market value of intangible assets is determined.

In practice, it is often necessary to calculate not the cost of assets, but the cost of transferring the rights to use them, i.e., to determine the cost of a license for the asset in question. In this case, the cost of transferring rights depends on their volume and terms of transfer. Below we will look at the methods valuation of intangible assets.

Methods for valuation of intangible assets.

For a practical assessment of the value of intangible assets, experts recommend costly, income and comparative approaches that are commonly used in the assessment of other types of assets.

INCOME METHOD.

In accordance with the income approach, the value of an object of intangible assets is taken at the level of the current value of those advantages that an enterprise has from its use. An example is the royalty exemption method used to value patents and licenses. - this is a periodic deduction to the licensor (seller) for the use of intellectual property. Typically, royalty amounts to 5-20% of the additional profit received by the enterprise that bought the intellectual property. If the intellectual property object is the basis of a new product (technology), royalties can be up to 50%.

The two most common methods rely on the income approach: the discounted income method and the direct capitalization method. These are the most universal methods applicable to any kind of property complexes.

The discounted income method assumes a transformation according to certain rules future income expected by the investor into the current value of the intangible assets being valued. Future earnings include:

Periodic cash flow of income from the operation of intangible assets during the period of ownership; this is the investor's net income from owning property (net of income tax) in the form of dividends, rent, etc.;

Cash receipts from the sale of intangible assets at the end of the holding period, that is, future proceeds from the resale of intangible assets (net of transaction costs).

To understand the essence of the discounted income method, let's touch on such concepts as compound interest, accumulation, discounting and annuity.

The invested capital, as it were, self-increases according to the rule of compound interest. In this case, you can specify a certain rate (rate) of income, which indicates the increase in a unit of capital after a certain period (year, quarter, month). In the discounted income method, the rate of return is called the discount rate.

The direct capitalization method is quite simple and this is its main and only advantage. However, it is static, being tied to the data of one most characteristic year, and therefore special attention is required to right choice net income indicators and capitalization ratios. Calculation of the current value of intangible assets by this method is performed in three successive stages:

Calculation of annual net income;

Choice of capitalization ratio. The capitalization ratio should be linked to the previously selected indicator of capitalized income;

Calculation of the current value of intangible assets.

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22.08.2019

Having (IA) officially recognized and recorded on the business balance sheet, the right holder enterprise has the right to derive economic benefit (profit) from the beneficial use of these property objects in production, commercial and research activities.

The costs of development, creation, acquisition and implementation of intangible assets are transferred to the cost of products/works/services of the organization. This necessitates proper accounting of related costs and a reliable assessment of the value of objects.

The cost of intangible assets at the enterprise - what is it?

As a rule, accounting and valuation of intangible assets in a commercial enterprise are carried out at the initial (primary) and residual (book) value.

In economic practice, however, other types of valuation of intangible assets (recovery, taxable, insurance, pledge, investment, market) are often used.

Initial

The initial cost of an object is defined as the sum of the costs for the creation/acquisition and adaptation of this asset in the organization, necessary for its further use for its intended purpose.

Based on the method of receipt of intangible assets in the ownership of the right holder organization, it is advisable to consider the following options for establishing its initial value:

Residual (balance sheet)

An intangible asset, initially credited to economic accounting at a primary cost, is subject to gradual over the entire period of operation.

As in the case of fixed assets, the cost of an intangible asset is gradually transferred to the cost of the products of the activities of the right holder organization, that is, it is depreciated.

The balance difference between the primary cost of an object and its depreciation, accumulated as depreciation is compensated, is the residual value of an intangible asset.

When depreciation is fully completed, its residual value reaches the salvage value.

How should the object be initially valued?

The valuation of an intangible asset is the procedure for determining its value in monetary terms.

It is always carried out according to a regulated method, the choice of which depends on the situation.

The need for its implementation at an enterprise usually arises if it is necessary to solve a specific problem due to the application of property rights that exist in relation to intellectual property objects or, as an option, means of individualization.

Estimation of the value of an intangible asset is usually performed in such typical situations:

• acquisition / creation of a business;
• liquidation of the enterprise (termination of activities);
• obtaining a bank loan on the terms of providing intangible assets as collateral;
• purchase / sale;
• drawing up a license agreement;
• appointment of a fee for use (royalty payment);
• other tasks.

Methods

If an asset exceeds 12 (twelve) months, the value of such an object, relevant when it is credited to the balance sheet of the organization, is usually estimated using one of the following three methods:

• comparative (market) method;
• profitable way;
• costly way.

Comparative (market) method

The essence of this approach is to determine the value of an intangible asset based on the market prices of similar assets with comparable utility.

It is expedient to use this method for intangible assets, which are often objects of sale/purchase.

The prices of such transactions are used as initial data. A sufficient number of market analogies taken into account in the assessment minimizes the possible error.

income approach

This method is based on the organization's determination of the future (expected) economic benefits brought by the useful operation of the asset being valued. It is about establishing the fair value of the object.

This method of evaluation is usually used in case of any other alienation.

Under the income approach, the value of an asset is calculated using one of two calculation methods:

• discounting expected income (bringing their value to the current time);
• direct capitalization of projected earnings.

costly

If this approach is followed, the cost is defined as a set of documented expenses incurred by the organization in creating (development), acquiring (purchasing) or otherwise obtaining the asset being valued.

The reflection of an intangible asset in accounting at primary cost is carried out precisely by the costly method of evaluation.

The composition of the necessary costs in determining the primary cost of an asset depends on the method of its receipt on the balance sheet of the right holder enterprise (acquisition, creation, exchange, gratuitous receipt).

Order and features

The starting point when performing a valuation is its correct classification.

Evaluation procedures are carried out in accordance with methodological recommendations specially developed by authorized state authorities.

To reliably determine the value of an asset, a description of the relevant object, title papers for intangible assets, and a justification for its service life will be required.

Independent (external) specialists may be involved in the implementation of the necessary procedures.

conclusions

The valuation of an intangible asset is of great importance both when an asset is credited to the economic balance sheet, and for one reason or another (reasons).

It is not possible without a reliable assessment of its value. Intangible assets are usually assessed using a costly, profitable or, alternatively, comparative (market) method.

EAT. Petrikova,
doctor economic sciences,
Professor of the Department of Finance and Prices
E.I. Isaeva,
student

M.A. Ovsyannikov,
student
Master's Degrees of the Faculty of Finance
Russian Economic University
them. G.V. Plekhanov
Finance and credit
12 (636) – 2015

Subject/topic. The article notes that at present Russian organizations underestimate the role of intangible assets in their property, paying insufficient attention to their valuation and depreciation.

Goals/objectives . The analysis of methods for evaluating intangible assets, the preference for their use to determine the quality of various types of intangible assets, their advantages and disadvantages was carried out. Some aspects of depreciation of intangible assets are considered.

Methodology. With the help of a systematic approach, the concepts of "intangible assets", "depreciation of intangible assets", "useful life" are disclosed, approaches to the assessment of these assets are determined, the risk-return ratio, depreciation methods are considered.

Results . The high degree of influence of intangible assets on the activities of the organization and the income received is determined. The approaches used in Russia to the valuation of intangible assets are studied, the most optimal of them are established. The advantages and disadvantages are highlighted various methods assessment of intangible assets, differences in depreciation of intangible assets according to Russian and international standards.

Conclusions/Relevance. The proposed methods of valuation and amortization of intangible assets have practical use, but for their use it is necessary to conduct an in-depth analysis of the essence of the intangible asset, the activities of the organization, the structure of its assets, as well as the market.

It is determined that in Russia the valuation of intangible assets has not reached the proper level of development. The necessity of improving evaluation methods to maintain and improve the competitiveness and financial stability of the company is substantiated.

* This article was prepared with the financial support of the Russian University of Economics them. G.V. Plekhanov within the framework of a grant for the implementation of research work by a team of young scientists

In the modern world, as the economy develops, the introduction of new technologies and the release of high technology products, intangible assets become one of the most important components of the assets of any business entity. This is due to:

• a wave of absorption of some enterprises by others;
• the speed and extent of technological change,
• a new step in the development of educational technologies due to the spread of information technologies;
• integration of the domestic financial market into the global architecture of finance.

Intangible assets (IA) are non-monetary assets that do not have a physical form. They must meet the following conditions:

• lack of a material structure, the possibility of identification from other property, the ability to bring economic income to the organization in the future;
• use for a long time (useful life, lasting more than 12 months, or a normal operating cycle, if it exceeds 12 months) in the production of products, in the performance of work or the provision of services, or for the management needs of the organization. The subsequent resale of this property is not expected;
• availability of properly executed documents confirming the existence of the asset itself and the organization's exclusive right to the results of intellectual activity (patents, certificates, other titles of protection, an agreement on the assignment or acquisition of a patent, trademark, etc.) 1 .

1 Order of the Ministry of Finance of the Russian Federation of December 27, 2007 No. 153n “On Approval of the Accounting Regulation “Accounting for Intangible Assets” (PBU 14/2007)”.

In accordance with paragraph 3 of Art. 257 of the Tax Code of the Russian Federation, intangible assets are understood as the results of intellectual activity (RIA) acquired and / or created by the taxpayer and other objects of intellectual property (exclusive rights to them) used in the production of products (performance of work, provision of services) or for the management needs of the organization during long time (lasting more than 12 months).

Intangible assets may include:

1) objects of intellectual property for RIA, including the exclusive right:

• the patent holder for an invention, industrial design, utility model and selection achievements;
• the author on computer programs, databases, on the topology of integrated circuits;
• the owner of the trademark and service mark, the name of the place of origin of goods;

2) business reputation of the organization.

Modern business entities tend to form non-current assets as the basis of their high value. As you know, any company can be represented as the sum of the main types of its assets:

• Money;
• stocks;
• accounts receivable;
• tangible assets;
• intangible assets.

However, due to the inability to correctly apply the appropriate valuation method, assets are often much cheaper than they really are. This situation is especially relevant for intangible assets due not only to low liquidity, high profitability and the lack of an objective assessment, but also due to a lack of understanding of the need to capitalize them on the balance sheet of an economic entity. For example, in organizations working in the field of high technology production, intangible assets in certain cases can exceed the value of the totality of other assets of the enterprise, as well as bring additional competitive advantages and influence the formation of a stable business reputation of the company.

Three methods of asset valuation are known:

• profitable;
• consumable (or costly);
• comparative (or market).

The use of one or another method depends on the tasks facing the appraiser, as well as the availability of initial information for the assessment of the asset object. The most preferable for business is the comparative approach, since it reflects how the market evaluates this asset. Assuming that the market values ​​the asset correctly, then this is the approach that gives the most accurate results. The income approach, in turn, is more preferable than the cost approach, since the cost that a company spends on creating an asset is almost always less than the benefits that it ultimately receives from its use.

Using comparative approach the value of an asset is based on information about the purchase or sale of an asset in the market. The approach is based on the fact that the market evaluates this asset fairly. To find the value, value multiples or data on comparable transactions are used.

Under income approach means a valuation method that equates the value of an asset to the net present value of the cash flows that the asset generates, or to the present value of the costs avoided by owning the asset. In other words, the value of an asset depends on its ability to generate income.

Cost approach is an approach to valuation based on finding the replacement cost or the cost of reproduction of assets. With regard to intangible assets, when assessing the cost incurred to create this asset, and their total amount is equal to the value of the analyzed intangible asset. According to the basic idea of ​​the cost approach, an investor will never pay for an asset more than the amount for which it can be created or acquired elsewhere.

Obtaining the same results when using different methods indicates the correctness of the assessment.

In accordance with the Federal Law of July 29, 1998 No. 1E5-FZ “On Appraisal Activities in Russian Federation» The objects of assessment include:

• separate material objects (things);
• a set of things constituting the property of a person, including property of a certain type (movable or immovable, including enterprises);
• the right of ownership and other real rights to property or certain things from the composition of property;
• rights of claim, obligations (debts);
• works, services, information;
• other objects of civil rights in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation.

Thus, intangible assets are also subject to evaluation.

In the valuation process, there are quite a few different situations in which appraisers use different types of value. The result will depend on the appraiser's approach to valuation. It should be noted that at present, in accordance with Russian accounting regulations (Accounting Regulations “Accounting for Intangible Assets” PBU 14/2007), intangible assets are accepted for accounting at their actual (initial) cost, which is calculated on the basis of the cost approach. In accordance with the Tax Code of the Russian Federation, the value of intangible assets created by the organization itself is defined as the sum of the actual costs of their creation, manufacture (including material costs, labor costs, costs of third-party services, patent fees associated with obtaining patents, certificates), with the exception of the amounts of taxes included in expenses, general business and other similar expenses.

However, according to International Financial Reporting Standards (IAS 38 "Intangible Assets" 2), three well-known approaches can be applied to the valuation of intangible assets, as well as to the valuation of any asset (Fig. 1). Due to the fact that intangible assets as a type of funds of an economic entity are a non-standard object for valuation, the use of these approaches has its own specifics, since different types of intangible assets carry different risks and this must be taken into account when using the appropriate approach to valuation.

2 Order of the Ministry of Finance of the Russian Federation dated November 25, 2011 No. 160n “On the Enactment of International Financial Reporting Standards and Interpretations of International Financial Reporting Standards in the Russian Federation”.

The convenience of applying one or another approach depends on the specifics of the intangible asset being valued. For example, in the monograph by G. Smith and R. Parr "Valuation of intellectual property and intangible assets 3" a classification is given that reflects the applicability of approaches to valuation for various types intangible assets (see table). When evaluating intangible assets, you should never separate this type of funds from the characteristics of the organization within which these assets exist. For a correct assessment of intangible assets, it is necessary to study their structure, the distribution of profits both among different types of intangible assets, and in relation to other assets of the company.

3 Smith G. K, Parr R.L. Valuation of Intellectual Property and Intangible Assets. 3rd edition. John Willey & Sons Inc. 2000. 638 p.

The concept of the relationship between the risk of an asset and its return is at the heart of the valuation of intangible assets. As noted by J.I. Baruch: “The risk inherent in investing in intangible assets is much higher than the risk of investing in tangible or even financial assets. When investing in the development of a new drug, there is a risk of losing all investments, while investments in equipment, if they lead to losses, still most of the investments can be returned. Even riskier assets associated with the construction of commercial real estate rarely end in losses” 4 . The company must be presented as a portfolio of assets, and the resulting profit should be considered in terms of the profitability of each individual asset and his specific gravity in the overall structure of assets. Therefore, for the correct assessment of intangible assets, it is necessary to understand that different returns are required from different assets of the company (Fig. 2).

4 Baruch Lev. Intangibles: Management, Measuring and Reporting. Washington. DC: Brookings Institution Press. 2001. P. 39.

Type of NMA	Preferred Approaches
	First of all	Secondly	In the third turn
Patents and technologies	Profitable	Comparative (market)	costly
Trademarks	Profitable	Comparative (market)	costly
Copyright objects	Profitable	Comparative (market)	costly
Skilled workforce	costly	Profitable	Comparative (market)
Management Information Software	costly	Comparative (market)	Profitable
Software products	Profitable	Comparative (market)	costly
Distribution networks	costly	Profitable	Comparative (market)
Basic deposits	Profitable	Comparative (market)	costly
Franchising rights	Profitable	Comparative (market)	costly
Corporate practices and procedures	costly	Profitable	Market

In the process of recognizing intangible assets as an integral part of the company's non-current assets, a difficult task arises to develop a methodology for assessing each category of intangible assets. As you know, one should not recognize as a serious methodology in which coefficients reflecting real factors are indicated and multiplied by each other, since a simple product of conditional values ​​of diverse factors results in an unreliable value of intangible assets, which will need to lead to the “desired” result. In addition, methods where calculations are carried out using very complex mathematical formulas, including logarithms, integrals and differentials, should not be taken seriously, since these calculations are practically unattainable in practice.

In valuation, there are quite a few situations in which appraisers use different types of value. The result will depend on what type of value the appraiser has chosen. This can be fair market value, investment value, value in use, value for tax purposes, salvage value, etc. Fair value is one of the most commonly used types of value.

At its core, the term "fair value" is accounting. The concept of fair value is considered one of the fundamental concepts of international financial accounting and reporting standards. It is this value that needs to be determined for the next revaluation of the company's assets, for the distribution of the purchase price (purchase price allocation) during the merger of companies, etc.

International Financial Reporting Standard (IFRS) 13 Fair Value Measurement states that fair value is the amount for which an asset could be exchanged or a liability settled in a transaction between knowledgeable, willing and independent parties. It is important to understand the terminology used in the valuation so that fair value is not confused with either purchase price, investment value, value in use or salvage value.

Consider possible approaches to the valuation of intangible assets in more detail.

Cost approach(cost approach to valuation) is based on finding the replacement cost or the cost of reproduction of assets. The basic idea of ​​the cost approach is that an investor will not want to pay more for an asset than the amount it can be purchased or created elsewhere.

Within the framework of the cost approach, there are four main methods for assessing intangible assets.

1. Method for determining initial costs(method of seed money identification). It is based on the so-called historical cost of the asset, which includes the actual costs reflected in financial statements over the past three years.

In this case, the value of the object of assessment depends on the following factors:

1. the costs of creating, acquiring, putting into operation objects of intellectual property and organizing the use of objects of assessment;
2. expenses for registration, patenting of objects of intellectual property;
3. expenses for insurance of risks associated with objects of intellectual property;
4. the period of validity of the title of protection, the license agreement at the time of assessing its value and the useful life of the object;
5. obsolescence of the assessed object, inflation, etc.

The assessment within the framework of this method is built in several stages.

First, you need to establish the historical cost for which the property being valued was purchased. Then the historical cost of the object of intangible assets is reduced to the current value at a discount rate equal to the inflation index in each period under consideration, and the functional depreciation of the object being valued is calculated. In the third step, fair value is determined by subtracting the resulting depreciation from the current cost.

2. Replacement cost method(method of substituted value). When using this method, the appraiser is based on the thesis that the maximum value of an asset will be equal to the minimum price for a product with a similar utility or use value ( market value asset being valued). An asset-analogue should have the maximum equivalence of functionality, options for its use, consumer utility.

This valuation is made by summing up all costs (including the costs of acquiring or creating an asset and bringing it to commercial suitability), estimated profits, payments and taxes.

3. Replacement cost method(method of replacement value). Within the framework of this method, the replacement cost of an intangible asset is established, which is understood as the amount of costs for creating a similar identical intangible asset (for example, for the acquisition of property rights, development in the production of goods using an intangible asset, marketing, etc.). In addition, when creating an intangible asset at the enterprise itself, the costs of search and development of the theme, the creation of experimental samples, the payment of patent fees and the creation of design and technical, technological, project documentation and etc.

Evaluation by the cost approach, as already noted, consists in determining the amount of funds that must be spent in order to obtain an object that matches the characteristics of the existing one. This cost is the replacement cost divided by the replacement cost and the reproduction cost (Figure 3). These two types of cost differ from each other in that the cost of replacement is the cost of creating an absolutely identical object, and the cost of reproduction is the cost of creating a similar object. In this regard, it is worth noting that often economists do not see the difference between the replacement cost method and the replacement cost method. However, the difference is that the replacement cost is based on the market value of an identical intangible asset, while the replacement cost is based on the historical cost of actual costs (including depreciation) when creating a similar intangible asset.

4. Cost benefit valuation method(method of winning costs value). This is a valuation method that allows you to evaluate the growth in the value of a company through the use of intangible assets (patented technology, utility model, know-how, etc.), which leads to a reduction in the costs of the enterprise using it. For example, cost reduction can be facilitated by the availability of qualified personnel, professional quality which allow you to conduct business at lower costs, preferential terms for the supply of raw materials, fuel, etc.

The application of this method is reduced to finding the amount of gain in the cost for a certain period of time. The reduced costs and/or freed up revenues can then be brought up to date using a discount rate and capitalized, depending on whether these costs/incomes are assumed to be constant over time. Many economists identify the calculated value of the gain in cost with the method of gain in profit, considered within the framework of the income approach.

The main disadvantage of the cost approach is the discrepancy between the costs of the present time and their value in the future. The essence of the problem lies in the fact that the existing methods of valuation of intangible assets within the framework of the cost approach do not fully take into account the inflationary change in the purchasing power of money, as well as the ability of money to generate income, provided that they are reasonably invested in alternative projects.

In the process of evaluating intangible assets, a situation often arises when it is very difficult to single out the flows generated by this particular intangible asset, or to find analogues in the market, which makes it difficult to apply the income and comparative approaches. Although the cost approach is inferior to the income approach in terms of bottom line measures of value (because the cost a company spends to create an asset is almost always less than the benefits from its use that it ultimately receives), it is necessary to apply it.

The income approach to valuation assumes that the value of an asset is equated to the net present value of the flows generated by the asset, or to the present value of the costs avoided by owning the asset. In other words, the value of an asset depends on its ability to generate income. Therefore, in order to apply the income approach, first of all, it is necessary to predict the additional flows created by the intangible asset. The basis of the theory underlying this approach was developed by J. Campbell and J. Taylor back in 1972 in their work on the assessment of NMA 5 .

5 Ian R. Campbell and John D. Taylor. Valuation of Elusive Intangibles. Canadian Chartered Accounting. 1972.

There are four main methods used in the valuation of intangible assets under the income approach.

1. Added cash flow method(the method of discounting cash flows - incremental cash-flow method). Its essence is to predict the cash flows that a given asset will generate during its life cycle. Cash flows are discounted to the valuation date, summed up, and the total amount is the value of the intangible asset (Fig. 4).

When evaluating intangible assets using the income approach, this approach is most often used. There are several stages in the evaluation by the method of discounted cash flows. At the first stage, it is necessary to predict the pre-tax added cash flows created by the assessed intangible asset and check these flows for belonging to the assessed intangible asset (if other assets are found that create part of the found flows, it is necessary to clear the flows from their influence). Then you need to clear the flows from taxes and discount the received values ​​of the flows for each year at a discount rate equal to the weighted average cost of capital (WACC). As a result, they calculate the savings on tax payments due to depreciation on this intangible asset.

One of the main advantages of this method is that it allows you to take into account most of the positive and negative effects associated with the ownership of intangible assets. However, there are a number of disadvantages that quite often lead evaluators to abandon this approach. At its core, it is quite laborious, since it is necessary to predict the change in a large number of factors, and this takes a lot of time. In addition, forecasts are quite subjective and require high professionalism from the appraiser.

But the main disadvantage of the approach is that it is necessary to predict the flow that generates the asset being valued. It is extremely difficult to do this due to the specifics of intangible assets. As a result, the appraiser has to apply assumptions that allow to allocate the flow to only one intangible asset from the entire flow, and this, in turn, reduces the level of reliability of the results.

2. Excess Return Method(multi-period excess-eamings method). It consists in separating the value of the flows generated by the subject intangible asset from the flows generated by the entire company by subtracting the value of the flows generated by the rest of the assets. In other words, you first need to predict the total cash flow, and then subtract from it everything that is earned by the intangible asset.

The excess return method for determining the value of an intangible asset involves, at the first stage, forecasting the pre-tax flows that a company or a separate project of a company creates, and determining the types of intangible assets that, in addition to the asset being valued, contribute to the creation of this cash flow. At the second stage, the rate of return required by the shareholders of the company from each type of intangible assets is determined, and the absolute value of the return on capital for each type of intangible assets is determined. Then it is necessary to find the pre-tax cash flow generated from the created intangible asset, clear it of taxes and discount it in each period at the discount rate, summing up the post-tax discounted value of the intangible asset.

3. Intellectual property market method(this method is also called royalty savings method- relief from royalty method). This method is based on the assumption that the intellectual property used does not belong to the company. That is, the object of assessment is provided to the organization on a license basis for a certain fee, called royalty - a percentage of revenue (if we divide the difference in profit by the total revenue of the enterprise that owns intangible assets, we get the royalty rate). Then that part of the proceeds that should be paid by the owners of the intangible asset is considered as additional profit generated by this asset, and the value of the cash flows that are generated from this profit is capitalized and forms its market value.

The essence of the method of saving royalties is that by owning knowledge-based intangible assets (trademarks, trademarks, patents and secret technologies), the company saves on royalty payments. Otherwise, the company would have to make periodic payments to the owners of intangible assets.

1) establish a fair royalty rate, which depends on the following factors:

• royalty rate for similar assets;
• expected profit;
• savings on costs due to the use of this asset;
• the required level of return on tangible assets and other intangible assets that are used by the firm;
• the uniqueness of this intangible asset;
• availability of substitutes for this type of intellectual property.

In general, a fair royalty rate can be found as a rate that can be established by agreement between the party that owns the intangible asset and the party that acquires it, and at the same time satisfies both the buyer and the seller;

2) find the product of the fair royalty rate and the base for which it was calculated for each forecast year. These amounts must also be reduced by the amount of tax payments. Then, having discounted the received amounts using the discount rate calculated for the intangible asset in question, we will get tax savings due to depreciation on this intangible asset.

4. Profit advantage method(method of advantages in revenues). This is a method that allows you to evaluate the company's profit advantage due to the presence of a strong non-marketing intangible asset (for example, licenses, patents, technologies, etc.). The more technologically advanced the industry in which a given intangible asset is used, the greater the profit advantage that such intangible assets can lead to.

To apply the profit advantage method, it is necessary to establish the amount of additional net profit before tax received by an enterprise using this intangible asset, compared with enterprises that produce similar products without using such a CSA object (the additional profit received after applying any company improvements). In practice, to obtain the amount of additional profit, the difference in the price of products manufactured using the assessed intangible asset and products of similar quality produced without its use can be used. The specified difference in price, multiplied by the volume of issue, is identified with the additional profit of the owner of intangible assets.

Some of the complexity of this method is that in practice it is not easy to establish to what extent the product used as an analogue has characteristics similar to those for the production of which the estimated intangible asset is used. In addition, the difference in prices, on which the entire calculation is based, is often quite volatile, which creates difficulties in justifying the cost of intangible assets.

The main advantage of the income approach is that it takes into account most of the positive and negative effects associated with the ownership of intangible assets. But there are also disadvantages that lead valuers to eschew this approach quite often. One of the disadvantages is its complexity. Assessors need to predict changes in a large number of factors, and this takes a lot of time. Such forecasts are quite subjective and require professional evaluation. The main disadvantage of the approach is the need to predict the flow that creates only the asset being valued. Given the specifics of intangible assets, it is rather difficult to develop a forecast. Therefore, it is necessary to make assumptions that allow us to allocate a flow from the entire flow to only one intangible asset. This leads to a decrease in the reliability of the results.

Comparative approach(comparative approach to valuation). It lies in the fact that the value of an asset is calculated based on market information about the purchase or sale of this asset. It should be noted that the use of a comparative approach is very difficult, since intangible assets are often original and have no analogues on the market or among competing companies. Or intangible assets are sold together with other assets rather than individually. Accordingly, it becomes necessary to separate from the transaction value the amount paid for the assessed intangible asset, and this can be very difficult to do.

The comparative approach to the valuation of intangible assets involves determining the value of an intangible asset based on the price at which, in comparative circumstances, similar intangible assets can be acquired. To determine the value of the asset being valued, various multipliers are used, equal to the ratio of the transaction price to any factor that quantitatively characterizes the intangible asset involved in the transaction. These factors may be: the revenue generated by this intangible asset; profit from its use; other indicators. The found multiplier is multiplied by the same factor, but already inherent in the assessed asset. Thus, the cost of intangible assets is found.

Within the framework of the comparative approach, the following main methods for assessing intangible assets are used.

1. Comparative analogue method(method of comparative intangible assets). This is a method, the essence of which is to find information about the market value of intangible assets, which can be an analogue for the object being valued in terms of their purpose and usefulness. It is expedient to apply it in the conditions of an efficiently operating market of intangible assets. The valuation method under consideration implies a comparison of the value of the asset being valued with the price of an already completed transaction for the sale of a similar asset.

When using this method, you must:

• collect information on completed transactions on similar objects of assessment and determine the list of indicators by which the objects of assessment are compared;
• adjust the actual prices of transactions taking into account the adjustment factor and determine the value of the object being valued based on the corrected actual data on the compared transactions.

The correction factor, which takes into account quantitative and qualitative differences between the characteristics of the object being valued and a comparable analogue, is formed by assessing the impact on the value of an intangible asset of the following factors:

• country - the owner of this asset;
• industry;
• scope of the intellectual property object;
• the completeness of the transferred rights;
• term of granted rights;
• availability of legal protection;
• the degree of influence of the assessed asset on the production activities of the company, etc.

2. It should be noted that the comparative method also applies excess return method and royalty savings method. These two methods are considered mixed, so many economists refer to it as both income and comparative approaches 6 .

6 Leontiev B.B., Mamadzhanov Kh.A. Valuation of intangible assets of high-tech enterprises. M.: Patent, 2012. S. 305.

The advantage of the comparative approach is that, provided that necessary information about analogues of an asset and transactions for their purchase and sale, the calculation results will have a minimum error. Many economists believe that the comparative approach to business valuation is the most preferable, because it reflects how the market values ​​this asset. However, its application for the valuation of intangible assets is hampered by the fact that often the objects of valuation are unique and have no analogues. In addition, intangible assets in most cases are sold as part of a business, their separate sale is extremely rare. The flows generated by intangible assets must be discounted and reduced to present value at a discount rate equal to WACC.

Great importance in the process of assessing intangible assets is given to the methods of calculating the depreciation of intangible assets. For a company, depreciation charges on intangible assets (as in the case of fixed assets 7) are of significant importance (for example, when a company calculates taxes or reports profits to investors or shareholders). In this regard, it is necessary to understand the place and role of depreciation charges on intangible assets in the financial flows of an enterprise in accordance with Russian and international practice of financial accounting and reporting.

7 For more information on depreciation of fixed assets, see Petrikova E.M. The role of the depreciation policy of the enterprise as a tool to stimulate investment in the renewal of fixed assets // Finance and credit. 2007. No. 34.

In Russian practice, there are three methods for recording depreciation charges on intangible assets:

• straight-line method - based on the initial or market (in case of revaluation) value of intangible assets - evenly over the useful life of this asset;
• reducing balance method - based on the residual value (original or market - in case of revaluation, minus accrued depreciation) of intangible assets at the beginning of the month, multiplied by a fraction, in the numerator of which is the coefficient established by the company (not higher than 3), and in the denominator - the remaining period useful life in months;
• the method of writing off the cost in proportion to the volume of products (works) - based on the natural indicator of the volume of products (works) per month and the ratio of the initial cost of intangible assets for the entire useful life.

The choice of depreciation method is determined based on the expected consumption of future economic benefits from the use of the asset, including the financial result from the possible sale of the asset. In the event that the calculation of the expected flow of future economic benefits from the use of intangible assets is not reliable, the amount of depreciation for such an asset is determined on a straight-line basis.

The depreciable cost of an intangible asset should be written off systematically over the useful life of an intangible asset. In accordance with the Accounting Regulation “Accounting for Intangible Assets” (PBU 14/2007), the useful life of an intangible asset is the period during which an organization intends to use an intangible asset in order to obtain economic benefits. Intangible assets for which it is impossible to determine the useful life are considered intangible assets with an indefinite useful life.

The useful life of intangible assets is determined based on the following factors:

• the period of validity of the organization's rights to the result of intellectual activity or means of individualization and the period of control over the asset;
• the expected life of the asset, during which the entity expects to receive economic benefits.

However, for tax accounting (in accordance with paragraph 2 of Article 258 of the Tax Code of the Russian Federation) for intangible assets for which it is impossible to determine the useful life, the depreciation rate is set based on the useful life of ten years. The main difference between the international depreciation accounting system and the Russian one is the reduction in the depreciation period of assets in the economic justification, which allows the company to quickly make larger tax write-offs and thus increase free cash flows. In accordance with IFRS, the useful life of an intangible asset is determined taking into account the expected utility of the asset to the company.

In case of termination of the validity of a patent, certificate, other titles of protection after the full repayment of the initial cost of these objects, they continue to be reflected in accounting in the conditional valuation adopted by the organization, and the valuation amounts are reflected as the financial results of the organization.

There are the following basic requirements for depreciation of intangible assets:

• the depreciable cost of an item should be written off over its useful life;
• the method of depreciation used should reflect the process by which the company consumes the economic benefits embodied in the object;
• depreciation charges for each period should be recognized in profit or loss unless they are included in the carrying amount of another asset.

Due to the fact that depreciation is a non-monetary item of expenses (since the corresponding costs for the creation of intangible assets were already made by the enterprise earlier - at the beginning of the project implementation period), and also reduces the income tax base, when predicting the cash flow of an enterprise, depreciation increases net operating profit after tax of the company and indirectly affects the increase in the cost of its capital.

Valuation of intangible assets is a fairly new area of ​​valuation. Therefore, there are many misconceptions associated with it.

After all, the practice of Russian companies in assessing intangible assets is still very poor. There is also no experience of selling large intangible assets separately from an operating enterprise, as a result of which we can say that the market for many types of intangible assets has not been formed. It is often difficult for an appraiser to verify whether his assessment is correct. In connection with these unfavorable conditions and in order to minimize errors in the assessment of intangible assets, it is necessary to conduct a thorough and in-depth analysis of the activities of the organization, the object of assessment under consideration and the market.

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18. Richard A. Brealey, Stewart C. Myers, Alan J. Marcus. Fundamentals of Corporate Finance. McGraw-Hill Irwin. 2009.

19. Royalty Rates for Technology, Intellectual Property Research Associates, Yardley. Pennsylvania. 1997.

20. Robert F. Reilly, Robert P. Schweihs Valuing intangible assets - McGraw-Hill Irwin. 1998.

21. Ryan B. Finance and Accounting for Business. South Western College Publishing. 2008.

22. Smith G.V., Parr R.L. Valuation of Intellectual Property and Intangible Assets. 3rd edition. John Willey & Sons Inc. 2000. 638pp.

23. Ian R. Campbell and John D. Taylor. Valuation of Elusive Intangibles. Canadian Chartered Accountant. May 1972

The asset of the organization's balance sheet is a document in which all its income and expenses relating to its property are fixed. In other words, it includes all the property of the company, which can later be turned into financial resources. One of them are intangible assets, which are reflected in the balance sheet in line 110 of the first section. Next, we will give a full description of this type of asset.

Line 110 "NMA"

The section of the balance sheet “Non-current assets” provides information on the property of the enterprise, which has been operated for more than 1 year for the purpose of making a profit. Accountants refer to it as intangible assets. Line 110 indicates the residual value of this property.

• Take the debit balance of account 04, namely "Intangible assets";
• Minus the credit balance of account 05, which contains depreciation expenses from all intangible assets. Some experts do not take it into account.

All intangible property of the enterprise must have registration, as well as legal protection.

What is intangible assets (IA)

To correctly fill in line 110, you need to know how intangible assets are reflected in the balance sheet and how to properly distribute them.

Intangible assets of this type of assets include:

• Intellectual property of the company - all objects that are subject to copyright. It is worth noting that information about them is recorded in account 97, namely in the item of deferred expenses. During the life of such property, they are rewritten in accounts 20,25,26,44 to account for the total costs;
• Financial expenses that were directed to the creation and organization of the enterprise. Their occurrence and appearance is always planned, as well as infrequent. Therefore, accountants take them into account in line 04;
• Funds that are aimed at creating a positive reputation of the company. As well as the previous paragraph, they are taken into account in line 04.

There are intangible exploration assets. They are recorded in line 1130 in account 08, in which investments in non-current assets are recorded. It reflects all the financial expenses that were necessary for organizing a search and reconnaissance expedition. At the same time, a special certified license is required for its implementation, as well as information that was obtained as a result: the results of drilling, laboratory studies, evaluation and prospects. Intangible exploration assets are reflected as the difference between the debit balance of account 08 and the credit balance of account 05.

Intangible assets also include funds allocated for scientific, research and design work and testing. For this, there are separate rules that must be followed. So, the end result of the activity must be entered into the plan in account 04. Despite this, the result of research may not always be intellectual property, which can be attributed to intangible assets. Therefore, the result of scientific activity may sometimes not be subject to legal protection, as well as registration.

The result of the work is entered into account 04, and the total cost of the work is reflected in line 150 "Other non-current assets".

Formation of the value of intangible assets

There is a cost item that is required to develop or create intangible assets. Thus, their initial cost is formed, which is established by the founders of the company. They can also apply to an organization engaged in peer review. These NMAs include:

• All objects of copyright;

• Objects classified as commercial secrets;
• Natural resources.

Only after the experts submit their opinion, property can be recognized as intangible assets and entered into the Accounting Plan. All expenses they incur should also be included in the costs. Most often they include:

• Funds that were received from the sale of intangible assets to another person;
• Financial expenses for the performance of work under the contract;
• Bonuses to the employee, thanks to which this intangible asset was developed;
• Taxes, privileges, state duties.

How to enter information about intangible assets correctly

In the event that the accountant assessed the assets of the company as significant for the enterprise by any criteria (by price or value), then a special separate transcript can be given. To do this, in line 110, it is necessary to highlight several types of this property and arrange them using additional lines.

Also, in the balance sheet, it is sometimes necessary to prescribe the residual value of the property. This action takes place if the object is in the company under trust management. To do this, the organizer of the action rewrites it from the credit balance of account 04 to debit account 79, which reflects on-farm settlements. It is necessary to allocate subaccount 3 in it. After that, you need to register it as settlements under a property trust agreement.

All data on intangible property and depreciation, before entering into the reporting, are transferred to the head of the company. After that, in line 110, he prescribes the residual value of intangible assets without a residual amount for account 79.

It is worth noting that entrepreneurs are given the legal right to write off intangible assets in the expense line for expenses. In this case, depreciation is not taken into account.

"Accounting in questions and answers", 2007, N 2

The appraisal is understood as a set of legal, economic, organizational, technical and other measures aimed at establishing the value of the appraised object as a commodity.

Most often, when evaluating intangible assets, the following types of value are used.

Initial cost - the sum of the costs of acquiring or creating an object of intangible assets and the costs of bringing it to a state in which it is suitable for use for the planned purposes.

Residual value - the initial cost minus the accrued depreciation.

Salvage value - the amount of funds that the company expects to receive for an intangible asset at the end of its useful life, less the expected costs of its disposal.

Book value - the cost at which an object of intangible assets is reflected in the balance sheet after deducting accumulated depreciation.

The replacement cost (or cost of reproduction) of an intangible asset is determined by the amount of costs that must be incurred to restore the lost asset.

Market value - the most likely price that an intangible asset should achieve in a competitive and open market, subject to all conditions of fair trade, conscious actions of the seller and the buyer, without the influence of illegal incentives. Wherein:

• the motivations of the buyer and the seller are typical;
• both parties are well informed, consulted and act, in their opinion, taking into account their interests;
• the intangible asset has been put up for sale for a sufficient amount of time;
• payment was made in cash;
• the price is normal, unaffected by the specific conditions of financing and sale.

Intangible assets require evaluation:

• when buying or selling;
• calculation of the contribution (in the form of an intangible asset) to the authorized capital of the organization;
• assignment of rights (full or incomplete) to an intangible asset under a transfer agreement;
• determination of sums insured, payments and interest when insuring an intangible asset;
• use of an intangible asset as collateral in the lending process;
• increase in the mass of working capital of the organization due to accelerated depreciation of intangible assets;
• tax base optimization.

The best option for a clear and unambiguous determination of the value of intangible assets is to use the services of an independent appraiser for these purposes, who owns the complex of necessary information and is responsible for the results of his work.

The activities of independent appraisers in Russia are regulated by Federal Law No. 135-FZ of July 29, 1998 "On Appraisal Activities in the Russian Federation".

By virtue of Art. 9 of this Law, the basis for the assessment of the object of assessment is an agreement between the appraiser and the customer.

The contract is concluded in writing and does not require notarization. It must contain the grounds for concluding an agreement, the type of the appraisal object, the type of value of the appraisal object to be determined, the monetary reward for the appraisal of the intangible asset object, as well as information about the appraiser's civil liability insurance. In an agreement in without fail includes information on whether the appraiser has a license to carry out appraisal activities, an exact indication of the object of appraisal, its description.

Based on the results of the assessment, the independent appraiser draws up a special report, which is a confirmation of the proper performance by the independent appraiser of his duties assigned to him by the contract.

The report must contain the date, goals and objectives of the assessment of the object, the assessment standards used, as well as other information necessary for a complete and unambiguous interpretation of the assessment results reflected in the report.

The final value of the market value of the appraised object, recorded in the report, is recognized as reliable and recommended for the purposes of making a transaction with the appraised object.

Note that the organization can order the evaluation of the same object to several performers at the same time. In legally defined cases, the assessment is carried out by performers (legal entities and individual entrepreneurs) accredited by the relevant ministries and departments.

The procedure for calculating their initial cost depends on the method of receipt of intangible assets in the organization. Intangible assets can come from:

• acquisitions for a fee;
• free receipt;
• production by the organization itself;
• contribution as a contribution to the authorized capital.

According to clause 6 of the Accounting Regulation "Accounting for Intangible Assets" PBU 14/2000, approved by Order of the Ministry of Finance of Russia dated October 16, 2000 N 91n (hereinafter referred to as PBU 14/2000), intangible assets are accepted for accounting at their original cost.

Valuation of intangible assets acquired for a fee or in exchange for other property

The acquisition by organizations of objects of exclusive rights already created by other legal entities and individuals can be carried out under agreements on the assignment of rights, copyright agreements on the use of a work, agreements on the transfer of know-how, etc.

The initial cost of intangible assets acquired for a fee is determined as the sum of the actual acquisition costs, excluding value added tax and other refundable taxes. Paragraph 6 of PBU 14/2000 contains an open list of actual expenses for the acquisition of intangible assets. These costs include:

• amounts paid under the contract of assignment (acquisition) of rights to the right holder (seller);
• amounts paid by organizations for information and consulting services related to the acquisition of intangible assets;
• registration fees, customs duties, patent fees and other similar payments made in connection with the assignment (acquisition) of the exclusive rights of the right holder;
• non-refundable taxes paid in connection with the acquisition of an object of intangible assets;
• remuneration of an intermediary organization through which an object of intangible assets was acquired;
• other expenses directly related to the purchase of intangible assets.

PBU 14/2000 provides for the possibility of additional costs for bringing intangible assets to a state in which they are suitable for use for the planned purposes. These expenses also increase the initial cost of intangible assets.

TO additional costs include the amounts of wages of employees, deductions for social insurance and security, material and other expenses.

If, under the terms of the assignment (acquisition) agreement, a deferral or installment payment is provided, then the actual expenses are accepted for accounting in the full amount of accounts payable for payment of the acquired intangible assets.

Thus, the initial cost of an object of intangible assets is formed over a certain period of time and includes documented expenses related directly to the purchase of an object and bringing it into a condition suitable for use for the planned purposes.

Intangible assets may be acquired in exchange or in part in exchange for other intangible assets and other property.

In accordance with Art. 567 of the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation), under an exchange agreement, each of the parties undertakes to transfer one product to the ownership of the other party in exchange for another. In this case, each of the parties is recognized as the seller of the goods, which it undertakes to transfer, and the buyer of the goods, which it undertakes to accept in exchange.

Unless otherwise follows from the exchange agreement, the goods to be exchanged are assumed to be of equal value, and the costs of their transfer and acceptance are borne by the party that bears these obligations under the agreement.

In the event that, under an exchange agreement, the exchanged goods are recognized as unequal, the party obliged to transfer the goods, the price of which is lower than the price of the goods provided in exchange, must pay the difference in prices immediately before or after the fulfillment of its obligation to transfer the goods, unless a different payment procedure is prescribed in contract.

Article 570 of the Civil Code of the Russian Federation establishes that the right of ownership to the exchanged goods passes to the parties to the exchange agreement simultaneously after the fulfillment by each of them of the obligations to transfer the goods, unless this contradicts the law or the agreement.

The situation is somewhat more complicated with the assessment of the object of intangible assets obtained as a result of the exchange in accounting and tax accounting.

By virtue of PBU 14/2000, intangible assets acquired on an exchange basis are accepted for accounting at their original cost. The initial cost of intangible assets received under contracts under which the fulfillment of obligations (payment) is made by non-monetary means is calculated based on the cost of goods transferred or to be transferred by the organization. The value of such goods is based on the price at which an entity would normally buy or sell similar goods in comparable circumstances. If it is impossible to determine the value of the transferred goods (values), the value of the intangible assets received in exchange is taken equal to the price at which similar intangible assets are acquired in comparable circumstances.

For taxation purposes, when transferring goods (works, services) under barter agreements, their price specified by the parties to the transaction (contractual price) is accepted. However, when exercising control over the completeness of the calculation of taxes, the tax authorities have the right to verify the correctness of the application of prices in the following cases:

• on commodity exchange (barter) operations;
• when performing foreign trade operations;
• in transactions between related parties;
• with a deviation of more than 20% upwards or downwards from the level of prices applied by the taxpayer for identical (homogeneous) goods, works or services within a short period of time.

If as a result of such an audit it turns out that the prices of goods, works or services used by the parties to the transaction deviate by more than 20% from their market prices, then the tax authorities have the right to make a decision on additional taxes and penalties. At the same time, taxes and penalties for late payment of taxes are calculated on the basis of market prices for the relevant goods, works or services.

Valuation of intangible assets created by the organization itself

Intangible assets are considered to be created by the organization itself if:

1. the exclusive right to the results of intellectual activity obtained in the course of the performance of official duties or on a specific assignment from the employer belongs to the employing organization;
2. the exclusive right to the results of intellectual activity obtained by the author (authors) under an agreement with a customer who is not an employer belongs to the customer organization;
3. a certificate for a trademark or for the right to use the appellation of origin of goods is issued in the name of the organization.

Thus, intangible assets can be created as on your own organizations (economic method), and by attracting third-party organizations (contract method).

Therefore, in order to resolve issues of ownership of the right to use an intangible asset created by the organization on its own, its legal registration is important.

As a rule, the creation of intangible assets by the forces of the organization is carried out by its employees on a specific assignment from the employer. The creation of intangible assets may also be the labor obligation of the employee in accordance with the employment contract concluded with him.

In accordance with paragraph 2 of Art. 8 of the Patent Law of September 23, 1992 N 3517-1, the right to obtain a patent for an invention, utility model or industrial design created by an employee (author) in connection with the performance of his labor duties or a specific task of the employer belongs to the employer, if in the contract between he and the employee (author) did not state otherwise.

The initial cost of intangible assets created by the organization itself is the sum of the actual costs of their creation, production, excluding VAT and other refundable taxes (except as provided by the legislation of the Russian Federation).

Such expenses include, in particular:

• the cost of expended material resources;
• remuneration of employees who took part in the creation of an intangible asset;
• payment for the services of third-party organizations under counterparty (co-executive) agreements;
• patent fees associated with obtaining patents, certificates, etc.

The list of actual costs given in paragraph 6 of PBU 14/2000 is open.

General business and other similar expenses are not included in the actual expenses for the acquisition and creation of intangible assets, except when they are directly related to the acquisition (creation) of assets.

Valuation of intangible assets contributed by the founders to the authorized capital

Intangible assets may enter the organization as a contribution from the founders (participants) to its authorized (reserve) capital. At the same time, the possibility of forming the authorized (reserve) capital by non-monetary means (in particular, by transferring intangible assets) should be recorded in the constituent documents of the organization.

For the first time, the possibility of making intangible assets on account of a contribution to the authorized capital of Russian organizations appeared with the adoption of the Decree of the Council of Ministers of the RSFSR dated December 25, 1990 N 601 "On approval of the Regulations on joint-stock companies", in paragraph 37 of which it was stated that the contribution of a member of the company could be buildings , buildings, equipment and other material values, securities, rights to use land, water and other natural resources, buildings, structures and equipment, as well as other property rights (including intellectual property), cash in Soviet rubles and in foreign currency. In the future, this rule was reflected in the first part of the Civil Code of the Russian Federation.

According to Art. 66 of the Civil Code of the Russian Federation, the founders' contribution to the property of a business entity may be money, securities, other things or property rights or other rights having a monetary value. In this regard, such a contribution cannot be an object of intellectual property (a patent, an object of copyright, including a computer program, etc.) or know-how.

The right to use such an object, transferred to a company or partnership under an agreement, which must be registered in the manner prescribed by law, may be recognized as a contribution. This position was reflected in the joint Decree of the Plenum of the Supreme Court of the Russian Federation and the Supreme Arbitration Court of the Russian Federation dated June 1, 1996 N 6/8 "On Certain Issues Related to the Application of Part One of the Civil Code of the Russian Federation."

Thus, it is the rights of use, and not the object for which they arise, that can be made as a contribution to the authorized (share) capital of a business company or partnership and, subject to the foregoing, can be included in the intangible assets of the organization.

It should be noted that secondary (non-exclusive) rights to use intellectual property objects cannot be transferred as a contribution to the authorized capital of organizations.

The fundamental issue related to the transfer of use rights to an object of intellectual property on account of a contribution to the authorized capital of organizations is the documentation of this operation. In addition to the preparation of statutory documents, which reflect the fact of transferring the right to use intellectual property objects to the authorized capital, one of the following types of agreements must be concluded: an agreement on the transfer of exclusive rights, a license agreement, a know-how transfer agreement, an agreement on the transfer of scientific and technical development and etc.

According to paragraph 9 of PBU 14/2000, the initial cost of intangible assets contributed to the authorized (share) capital of the organization is determined based on the monetary value agreed by the founders (participants) of the organization, unless otherwise provided by the legislation of the Russian Federation.

The monetary value of the contribution of a participant in a business company is made by agreement between the founders (participants) of the company (Article 66 of the Civil Code of the Russian Federation). In cases specified by law, it is subject to independent expert verification.

for instance, by virtue of paragraph 2 of Art. 15 of the Federal Law of 08.02.1998 N 14-FZ "On Limited Liability Companies", if the nominal value (increase in nominal value) of the share of a company member in the authorized capital of the company, paid by a non-cash contribution, is more than 200 minimum wages (minimum wage), established by federal law as of the date of submission of documents for state registration of the company or relevant changes in the charter of the company, such a contribution must be evaluated by an independent expert (appraiser). The nominal value (increase in the nominal value) of the share of a member of the company paid by such a non-monetary contribution cannot exceed the amount of the assessment of the specified contribution, named by an independent appraiser.

Valuation of intangible assets received under a gift agreement (free of charge)

Intangible assets can be transferred to the organization free of charge by third parties.

The transfer of material values ​​or property rights from the donor to the donee is carried out on the basis of a gift agreement (Article 572 of the Civil Code of the Russian Federation). However, donations are not allowed, with the exception of ordinary gifts, the value of which does not exceed five minimum wages established by law, in relations between commercial organizations (clause 4, article 575 of the Civil Code of the Russian Federation). Thus, the circle of donors narrows down to individuals and non-profit organizations.

It should be noted one very important feature associated with the gratuitous obtaining of exclusive rights to objects of intellectual property. The fact is that these objects are not transferred under a donation agreement, therefore, to formalize transactions for the gratuitous transfer of exclusive rights to an intellectual property object, agreements on the assignment of rights, license agreements, etc., which may not contain a condition on the nature of the transfer for compensation, should be used. object, i.e. price condition.

Paragraph 10 of PBU 14/2000 states that the initial cost of intangible assets received by an organization under a gift agreement (free of charge) is calculated based on the market value at the date of their acceptance for accounting. PBU 14/2000 does not establish principles for determining their market value.

In tax accounting, property received by an organization free of charge is recognized as non-operating income of this organization (Article 250 of the Tax Code of the Russian Federation).

The Tax Code of the Russian Federation, like PBU 14/2000, when receiving property free of charge, requires that income be assessed based on market prices, but for depreciable property - not lower than its residual value. Information on prices must be confirmed by the taxpayer - the recipient of the property documented or by an independent assessment.

Methods for valuation of intangible assets

All currently existing valuation methods used by independent appraisers are based on one of three classical approaches:

• income approach (determination of the potential profitability of an asset);
• market approach (comparison of the object being valued with close analogues that were sold on the market);
• cost approach (setting the cost of acquiring an asset).

The application of one or another valuation method depends on the goals and objectives of the appraiser, the type of value that needs to be determined, as well as on the information available to the appraiser. Obtaining consistent results when using various methods based on two or more classical approaches is evidence of the correctness and impartiality of the assessment.

The listed approaches used both in Russian and foreign practice in the evaluation of intangible assets can be characterized as follows.

income approach. Consider first the main approach to the valuation of intangible assets - profitable. Its essence lies in the fact that an intangible asset is evaluated on the basis of what income it can bring in the future. The two most common methods rely on the income approach: the discounted income method and the direct capitalization method. These are the most universal methods applicable to any kind of property complexes.

In both cases, either cash flow or profit (before or after tax) can be chosen as an indicator of profitability. Cash flow differs from profit in that it can be withdrawn from the company's turnover without prejudice not only to its functioning, but also to its development. In most cases, it is recommended to use profit before tax, as different legal entities pay taxes differently, but this should not affect the results of the valuation.

The method of discounted income, or expected cash flows (profits), involves the transformation, according to certain rules, of the income expected by the investor in the future into the current value of the estimated intangible assets. In this case, future income is understood as:

• periodic cash flow of income from the operation of intangible assets during the period of their ownership - the investor's net income received from the ownership of property (net of income tax) in the form of dividends, rent, etc.;
• cash receipts from the sale of intangible assets at the end of the holding period is the future proceeds from the resale of intangible assets less transaction costs.

Thus, discounting involves reducing the income of each subsequent year by a certain factor - the discount factor - in order to assess the value of future cash flows at the moment.

Capitalization is a simpler procedure than discounting, but it is recommended only when the asset being valued is already in use and generating a stable income, or if you need to quickly make a fairly rough valuation of an asset that is expected to generate a stable income. The direct capitalization procedure is based on the fact that in order to determine the market value of an asset, it is necessary to multiply the rate of return by a multiplier. Yield indicators are individual in each case, and the multiplier depends on the capitalization rate, which is calculated on the basis of stock market data.

Cost approach. When using the cost approach, intangible assets are evaluated mainly in the amount of costs for their creation, acquisition and commissioning. It should be said that the feasibility of using this method is assessed in different ways. In professional assessment, the cost approach is considered one of the main ones, along with the income and market approach. Although with the cost approach, the assessed value may differ significantly from the market value (since there is no direct relationship between costs and utility), there are many cases where the cost approach is justified, for example, for calculating property tax, in insurance of individual components of property, in litigation division of property between owners, during the sale of property at open auctions, etc.

In the conditions of Russia, when the stock market is just being formed and there is almost no market information, the cost approach is the only possible one.

The main feature of the cost approach is element-by-element evaluation, i.e. the estimated intangible assets are divided into component parts, each part is evaluated, and then the value of all intangible assets is obtained by summing up the values ​​of its parts. At the same time, it is assumed that the investor has the opportunity not only to buy intangible assets, but also to create them from separately purchased elements.

Norms for calculating the maximum size of hospitality expenses per year

As with the income approach, in the cost approach there are also various methods used depending on the nature of the intangible assets being valued. In all methods within the framework of the cost approach, it is possible to single out a general algorithm of actions in the assessment:

1. Analysis of the structure of intangible assets and the allocation of their components. So, if you need to evaluate the enterprise as a whole, and not just its intangible assets, then it distinguishes such components as fixed assets (land, buildings, structures, machinery and equipment), working capital, cash.
2. Selecting the most appropriate valuation method for each component of intangible assets and performing calculations.
3. Assessment of the real degree of depreciation (moral and physical) of the components of intangible assets.
4. Calculation of the residual value of the components of intangible assets and the total assessment of the residual value of all intangible assets.

The cost approach is by no means universal. In addition to focusing only on the specific technology being licensed and not taking into account the overall cost to the business of developing and developing the technology broadly (including failures), it is often difficult to estimate the costs themselves. However, despite the existing shortcomings, the use of the cost approach is generally justified: there are a number of intangible assets, the value of which can only be estimated on its basis, for example, the cost of R&D results, industrial designs, licenses for the right to engage in certain types of activities, etc. . In general, it is advisable to use it to help other approaches.

Market approach. This approach combines all methods of valuation of intangible assets based on the analysis of market information. Market approach (direct approach comparative analysis sales) - an approach in which the valuation of intangible assets is made by comparing the recent sales of other objects with the object being valued. Most often, this approach is used in an open market environment, when there is information on similar transactions. In addition to the comparative approach, which, according to the specified criterion, is also referred to as a market approach, calculation methods based on industry standards and ranking/rating methods are used.

The use of a comparative approach in the valuation of intangible assets is often difficult, since in most cases they are original and have no analogues, and yet it is used: they use information about recent transactions with similar intangible assets in similar conditions. Based on these data, the value of the estimated intangible asset is derived. The comparative method is based on the principle of substitution, according to which a rational investor will not pay for an object more than the cost of a similar object available for purchase with the same utility. Therefore, the sale prices of similar objects serve as initial information for calculating the value of this object. In general, all methods for assessing intangible assets within the framework of the comparative approach consist of the following steps:

• Studying the relevant market: collecting information on recent transactions with similar properties. The accuracy of the calculations largely depends on the quantity and quality of the information collected. When there is enough information, it is necessary to make sure that the objects sold are really comparable to the intangible assets being valued in terms of their functions and parameters.
• Verification of information. First of all, prices are checked - they should not be distorted by any extraordinary circumstances that accompanied the completed transactions, as well as the reliability of information about the date of the transaction, physical and other characteristics of similar compared objects.
• Comparison of the object being evaluated with each of the similar objects and identifying differences in terms of the date of sale, consumer characteristics, location, performance, the presence of additional elements, etc. All differences must be recorded and accounted for.
• Calculation of the value of these intangible assets by adjusting prices for similar intangible assets. To the extent that the property being valued differs from a similar property, the price of the latter is adjusted to determine at what price the property could be sold if it had the same characteristics as the property being valued.

In the process of analyzing prices for similar intangible assets, various auxiliary procedures are used, in particular:

• determining the cost of additional elements by pairwise comparisons;
• determination of correction factors that take into account differences between objects in terms of individual parameters;
• calculation of cost according to specific cost indicators, common for determining a group of similar objects;
• cost calculation using the income multiplier;
• cost calculation using correlation models.

So, all the considered methods of valuation of intangible assets are used in valuation practice to one degree or another. The combination of methods, the addition of one to the other, is optimal, since the specifics of the valuation of intangible assets is that it is very difficult to make an accurate valuation.

Summing up, we can say the following: there is no uniquely reliable and accurate method for valuing intangible assets, each of them is so individual that it is impossible to create a universal mathematical algorithm for reliable and accurate calculation of the value of the intangible asset in question, therefore, each company evaluates intangible assets taking into account its specifics often by combining different methods. In addition, the value of intangible assets is influenced by many different factors. Nevertheless, practicing assessors need to be aware of the theoretical developments in this area and, where possible, use the results of research in their practical work.

Of course, it is impossible to recognize as any serious method the one where coefficients are singled out, designated and multiplied by each other, even if they reflect real factors. A simple product of conditional values ​​of diverse factors results in a very unreliable value of intangible assets, which will definitely need to be "adjusted" to a convenient result. Doubts are also raised by methods where calculations are carried out using very complex mathematical formulas, including logarithms, integrals and differentials. Among acting amateur appraisers, numerous false variants of the methodology for estimating the value of intangible assets and other not always correct methods are used today.

In conclusion, it must be said that the problem of the commercial use of intangible assets in modern practice is a complex, multifaceted problem affecting the areas of economics, law, marketing, accounting and tax accounting. It includes legal, technological, economic, industrial, social and psychological aspects. This is both a theoretical and an applied problem: intangible assets can and should be sold, which means they should also have a valuation.

M.Z.Knukhova

Leading Specialist

IFRS Reporting Transformation Department

accounting and audit department

GC "Rusagro",

graduate student

Financial Academy

under the Government of the Russian Federation