BSBIPR405 Protect and Use Intangible Assets in Small Business Assessment Answer

TAFE Assessment Cover SheetDue to the increasing number of businesses, the need for an accounting professional has increased so much in the industry. Many students are interested to pursue an accounting course in Australia. While pursuing this course students have to write multiple assignments, one of them is BSBIPR405 Protect and Use Intangible Assets in Small Business Assessment.

The BSBIPR405 Assessment provides the students with an opportunity to gain knowledge about the key success factor of small businesses.
By enrolling themselves in the specific courses students will gain knowledge about identifying and selecting the protection for intangible assets.

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Learning outcomes of the assessment BSBIPR405 Protect and use intangible assets in small business

After completing the assessment on BSBIPR405 task 1, students will be able to:

Identify and value intangible assets which are the key to small business:

  1. Through an intellectual property audit, students able to identify intangible assets that are the key to the ongoing success of the small business.
  2. Students will be able to research appropriate sources of information by enrolling themselves in the BSBIPR405 course. They will be able to advise for protecting and effectively exploiting the small business’s intangible assets.
  3. Students will be able to value intangible assets.

Identify and select the types of protection available for intangible assets:

  1. Including the registered and unregistered protections, a student will be able to identify the types of protection for intangible assets.
  2. After completing BSBIPR405 assessment tasks, students will learn about the proper use and protection of intangible assets They will be able to identify relevant legislative requirements.
  3. Students will be able to do the calculation for the likely costs, benefits, and risks of potential types of protection.
  4. To select the most appropriate methods to protect and use intangible assets a student will be able to assess organizational requirements and balance the costs and benefits.

Implement appropriate protection for intangible assets:

  1. Students will be able to ensure whether the employees, partners, and directors are aware of the importance of protecting the intangible assets in a small business or not.
  2. They will be able to implement confidentiality agreements with everyone who might have access to commercially sensitive information.
  3. To determine whether the small business’s intangible assets are original students will be able to search the appropriate database and other resources to avoid infringement of the intangible assets of others.
  4. For detecting and defending infringements, a student will be able to develop and implement processes against the small business’s intangible assets.
  5. For possible infringements of protection of intangible assets, a student will be able to monitor the market. They will be able to take appropriate actions if required.
  6. According to the type of protection required a student will be able to follow procedures.

Develop and implement processes to avoid infringement of the rights of others:

  1. You will be able to develop and implement processes for ensuring that the small business does not infringe on others’
  2. Students will be able to make sure that all employees are aware of intellectual property rights. They understand the importance of avoiding infringing on others.

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Mentioned below are some of the tasks and questions that students have to answer in BSBIPR405 assessment 2:

  • You have to describe the range of intellectual properties that are residing with the organization.
  • What processes can be used to monitor the market for infringements against the businesses’ intangible assets?
  • What are the relevant legislative requirements as they apply to the job role?
  • Made from commercializing intangible assets what is the taxation or financial implications of gains?
  • You have to write a summary of the relevant organizational policies and procedures that apply in this context.
  • To identify the key intangible assets of a small business you have to complete an audit.
  • How to value intellectual property accounting?
  • Intangible assets such as IP now typically account for what of business value?

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