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INTELLECTUAL CAPITAL: A BUSINESS ASSET TO BE ACCOUNTED
Abstract
The increasing role of intellectual capital in producing goods and services, as the main source of corporate competitive advantages, makes organizations reconsider their financial reports with the aim of proper intellectual capital accounting. Currently, only intangible assets and intellectual property are recorded in financial accounts. Intellectual assets themselves, by means of which goods are produced, are not presented in modern accounting systems. The absence of information about intellectual assets in accounting statements and reports results in distortion of financial data. The difficulty of defining the nature and monetary equivalents of intellectual capital, differentiating it from other related concepts, such as human capital and intangible assets, does not provide clear background for attributing certain accounts to intellectual capital as an entire phenomenon or its constituent parts. As a result, there are several alternative approaches to intellectual capital evaluation: financial, including income, comparative, cost methods, and non-financial, for example, market capitalization, return on assets, direct, and scorecard methods. Recently suggested intellectual capital accounting systems involve recording information about intellectual capital both in the asset and liability sides of the balance sheet on the basis of certain evaluation techniques, taking into consideration the net, market and discounted values of intellectual capital.
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