in the Finance Department
|•||Understand patent financial management and the role of the CFO|
|•||Understand Financial Accounting Standards (FAS-142)— intangible assets and financial reporting requirements|
|•||Learn how to budget patents, including the costs of obtaining patents and investing in protection against patent infringement|
|•||Learn the art and science of patent valuation and how to establish a fair market value|
Despite what may seem like an obscure connection between patents and the CFO, patent financial management is not only an important component to the enterprise PQM plan, but the CFO stands alone in being able to directly and immediately alter shareholder value based on how effectively he or she manages and reports patent value.
There was a time when the extent to which a financial manager's dealing with patents amounted to little more than authorizing payment of the patent attorney's bill. After all, the finance department manages bank accounts, accounts payable, taxes, and budgeting. Engineering and legal were the only departments charged with managing patents. Not anymore!