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HONG KONG, May 21, 2015 /PRNewswire/ -- RICS (Royal Institution of Chartered Surveyors) today announced the release of the RICS Intellectual Property (IP) valuation guidance note in Hong Kong. Developed to clarify the legal, functional, and economic characteristics of IP, the guidance note can help to establish industry wide professional standards, and ensure that RICS members provide the highest quality and consistency of valuation services. The guidance note also contributes to the development of Hong Kong as an international IP trading hub.
The economic importance of IP has resulted in an increased need for robust IP valuations for purposes such as financial reporting, tax compliance, litigation, financing, M&A planning and strategy development. It is estimated the net tangible assets represent only 16% of the enterprise value of the NASDAQ 100. A significant portion of the balance is generated by technology, brands and artistic content. By upholding the highest professional standards to mitigate risk, the guidance note benefits IP trading and intermediary services as a whole. It is a resource for the development of IP intermediary services, in areas such as IP agency and management, consultancy, legal services, dispute resolution and due diligence, and benefits private enterprises, and buyers and sellers of IP as a whole. To achieve the status of an IP trading hub of the region, Hong Kong will benefit from setting a high level for professional standards in this area.
"The Government of the Hong Kong Special Administrative Region welcomes RICS' release of the guidance note, which aims to enhance the conduct and standard of IP valuation services, and looks forward to RICS's continuing contribution to the development of IP trading activities," commented by a spokesperson from Commerce, Economic and Development Bureau of HKSAR Government.
The guidance note is developed by an international steering committee, with IP valuation experts from Hong Kong, Mainland China, UK, USA, and Australia. Drawing from the International Valuation Standards and the RICS Valuation professional standards (the 'Red Book'), the guidance note aims to provide users of IP valuation reports confidence with a high level of consistency across the world under the same standards.
The Chairman of RICS Asia Business Valuation Committee Chairman Mr. Gary Man, FRICS said: "RICS is committed to contribute to building Hong Kong as a hub for IP trading and the publication of this guidance is our effort in offering confidence to users of IP transactions through a standardized approach."
About RICS
Confidence through Professional Standards
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards -- bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world's wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.
With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
About RICS Asia
RICS Asia supports a network of over 20,000 individual professionals across the Asia region with an objective to help develop the land, property and construction markets in these countries, by introducing professional standards, best practice education and training. We promote RICS and our members as the natural advisors on all property matters. We also ensure that services and career development opportunities are provided to members.
RICS Asia region serves local member associations locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People's Republic of China, Hong Kong SAR, Taiwan and South Korea. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
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