Annual review

A prior-year royalty study is evidence, not a permanent answer

A previous study may remain useful, but changes in the transaction, market, agreement terms or available comparables can affect the analysis.

The main issueRefresh the reasoning, not just the date on the report.

Check whether the tested transaction changed.

Refresh searches where the market or database universe moved materially.

Carry forward prior comparables only after re-review.

Document why an update is or is not required.

TPRoyalty note

This is a concise research note, not a substitute for the facts and legal or transfer-pricing requirements of a particular case.