Intellectual Property: Accounting, IFRS, and Highly Effective Management

Abstract

The research focuses on determining the prospects for improving the practice of accounting, reflecting in International Financial Reporting Standards (IFRS), and managing intellectual property objects in Uzbekistan based on international experience. Using data from the World Bank's 2022 statistics and regression analysis, the authors model the impact of a set of managerial measures on the manifestations of creating and applying intellectual property objects. The authors conclude that nonfinancial measures are preferable, with human resource management (HRM) in research and development (R&D) being a prospective choice for managing the creation and application of intellectual property objects. The theoretical significance lies in justifying the need to reflect an expanded list of intellectual property objects in IFRS. The research also justifies the conditions for effective management of intellectual property objects, that are a rejection of financial measures and reliance on and active use of nonfinancial management measures. The managerial significance is reflected in the newly developed nonfinancial approach to accounting, reflecting in IFRS and managing intellectual property objects. This approach can enhance the efficiency of such management in knowledge-intensive and high-tech industries, unlocking the potential of IFRS to support the development of the knowledge economy. The practical significance lies in offering author recommendations for improving the practice of accounting, reflecting in IFRS, and managing intellectual property objects in Uzbekistan. Implementing these recommendations in the practice of IFRS and corporate accounting in Uzbekistan could propel the country toward a leading model in the knowledge economy and strengthen its position in global high-tech markets.

Citation

Davletov, I.R., Temirov, F.T., Sadibaqosev, H.S., Xolpulotov, R.U. and Onorbayev, S.M. (2024), "Intellectual Property: Accounting, IFRS, and Highly Effective Management", Eshov, M.P., Abdurakhmanova, G.K., Burkhanov, A.U., Abdusalomova, N.B. and Ergasheva, S.T. (Ed.) Development of International Entrepreneurship Based on Corporate Accounting and Reporting According to IFRS (Advanced Series in Management, Vol. 33A), Emerald Publishing Limited, Leeds, pp. 99-106. https://doi.org/10.1108/S1877-63612024000033A012