Question

Read the following news item and answer the questions which follow:

In a strong display of innovation, IIT Kanpur filed a total of 122 intellectual property rights (IPR) applications in 2023. To date, it has 1,039 successful IPRs. The patents for inventions are from varied domains such as MedTech and Nano Technology.

1. Mention the sub-head under which patents would be shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013.
2. Give any one other item under the same subhead.

Answer 1

1. Patents will be shown under the sub-head Property, Plant, Equipment, and Intangible assets.
2. Goodwill is another item shown under this subhead.