A Study of Intellectual Property [IP] Valuation among Estate Surveyors and Valuers and Accountants for Sustainable Development

Abstract

Intellectual Property [IP] is synonymous to innovation and creativity which are important to achieving the Sustainable Development Goals (SDGs). IP can be used for different purposes that promote and sustain the creation of infrastructure, innovation and industries. Hence, the need for valuation. This study examined IP valuation practice with the aim to fashion out various purposes upon which they are Valued or reported in Southwest, Nigeria. Primary data used for the study were collected from 184 and 41 of Estate Surveying and Valuation and Accounting firms respectively in the study area. The data collected were analysed using descriptive and inferential statistics of mean and Relative Importance Index (RII) with the aid of Statistical Package for Social Sciences (SPSS version 17). One of the findings was that the IP asset that are commonly valued or reported in the study area are copyrights (RII = 0.573) and trade mark (RII = 0.526) copyrights. Findings also revealed that purposes such as inclusion in the balance sheet (mean = 2.71), adherence to the provision of business and company laws (mean = 2.63) and purpose of accounting and taxation (mean of 2.61) are the major purposes for which IPs are valued in Nigeria. It therefore implies that there is need to increase awareness and promote IP Valuation education among the practicing ESVs and Accountants. Valuation of IP should be included in the curriculum of tertiary institutions offering estate management across the country.