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Staff skills may be recognised as intangible assets

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Gear Up (Pty) Ltd is a company that develops and manufactures specialist tyres for cycling sport. The success of the company is built around a specific tyre, The Mud Blaster, that Gear Up developed internally and for which a patent is registered. The other important factor contributing to the success of the company is the skills of the staff manufacturing The Mud Blaster. Staff members are required to give one month's notice of their resignation. Staff members signed a non-compete and non-disclosure agreement. Staff is therefore legally prohibited from sharing any development and manufacturing information on the patent for The Mud Blaster.

Discuss whether the patent and the staff skills may be recognised as intangible assets in terms of IAS 38. All recognition criteria applicable should be discussed.

Reference no: EM133272747

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