intellectual property

Definition

Any intangible asset that consists of human knowledge and ideas. Some examples are patents, copyrights, trademarks and software. Most such assets cannot be recongized on a balance sheet when internally generated, since it is very difficult to objectively value intellectual property assets (slightly different rules apply in the case of software). They can, however, be included in a balance sheet if acquired, which allows a more accurate valuation for the asset (that is, the acquisition cost).

Use this term in a sentence

I was very protective of my intellectual property and I knew all of my rights concerning it so no one could take it.

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All of the music that I've written is my intellectual property; I've even had it copyrighted in order to have it protected.

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The judge ruled that Jim was entitled to financial compensation, after the discovery that his intellectual property was infringed upon, when the company published his book without permission.

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Certified Forensic Financial Analyst (CFFA) Uruguay Round