How does an expert witness enhance your case? Experts help the jury determine the facts of a case, particularly in complex litigation such as lawsuits involving the value of intangible property. While a tangible asset has a physical form, an intangible asset lacks physical substance and is usually very hard to evaluate. Examples of intangible assets include patents, copyrights, franchises, goodwill, trademarks, and trade names, software and other intangible computer based assets. The International Accounting Standards Board defines an intangible asset as:
An identifiable non-monetary asset without physical substance. An asset is a resource that is controlled by the entity as a result of past events (for example, purchase or self-creation) and from which future economic benefits (inflows of cash or other assets) are expected. [IAS 38.8] The three critical attributes of an intangible asset are:
Control (power to obtain benefits from the asset)
Future economic benefits (such as revenues or reduced future costs)
Experts are essential in appraising intangible assets. They provide research and a market review of comparable sales of similar items. WealthManagement.com advises that when an attorney chooses an appraisal expert witness:
It’s most important that they do proper due diligence, which includes: ascertaining the appraiser’s membership in one of the Appraisal Guilds (The Appraisers Association of America, INS or American Society of Appraisers), completely reviewing the expert’s resume and the expert’s past writings, reviewing what’s published on their website and reviewing other litigation the expert has been involved with or that may be pending, with specific interest in copies of any past depositions and writings available that may lead to questions concerning possible conflicts of interest.
Reports and testimonies by a well-trained appraisal expert witness are crucial in successful litigation. Contact ForensisGroup to be connected with an appraisal expert witness best suited to your case.