PATENT
A Patent is considered an intangible assets;this is because a patent does not have physical substance,and provides long-term value to the owning entity, As such the accounting for a patent is the same as for any other intangible fixed assets,which is ..record the cost to acquire the patent as the intial assets cost.
A Patent is a grant of protection for an invention.its granted by US .PATENT and Trademark Office (PTO) And has a term 14 to 20 years.Owning a patent gives you the right to stop someone else from making ,using or selling your invention without your permission.
Only an inventor may apply for a patent on his or her idea .If two or more people participate in the creation of an invention,the law requires that all participants apply for patent as joint inventors.A person applying for a patent on an idea he or she did not directicly invent is subject to criminal penalties and invalidation of the patent,if one was issued.A persons making only a financial contributions to an invention can’t be named as joint inventor.
