IBIMA Publishing Journal of Accounting and Auditing: Research & Practice http://www.ibimapublishing.com/journals/JAARP/jaarp.html Vol. 2 !" #2 !

"$% Article &' ()*"+2% !, pages '-&: ! .(!*!/2 !".()*"+2

Do the Romanian and Spanish Accounting Environments Meet the Challenges Concerning the Acknowledgement of Intangible Elements?
Cristina-Ionela Fdur, Daniela Ciotin and Marilena Mironiuc
Alexandru Ioan Cuza University, Iai, Romania _________________________________________________________________________________ Abstract ,esearch #oti"ation - .ur ai# is to identi*y the e/tent to &hich co#panies 0uoted in the ,o#anian and 1panish stoc' e/changes, that #ust apply the International Financial ,eporting 1tandards truly co#ply &ith the pro"isions o* these nor#s in presenting, in the *inancial state#ents, the in*or#ation on intangi!le assets. 2e ha"e also studied a series o* indicators o* intangi!le capital, in order to identi*y the e/tent to &hich the ,o#anian and 1panish accounting en"iron#ents #eet the challenges concerning the ac'no&ledge#ent o* intangi!le ele#ents. Methodology - In order to identi*y the policies used !y co#panies in the reporting o* intangi!le assets and to deter#ine the e/tent to &hich co#panies *orced to apply the I$13IF,1 co#ply &ith the I$1 34 pro"isions, &e ha"e analy5ed the consolidated *inancial state#ents, dra&n according to IF,1 !y 16 ,o#anian co#panies 0uoted in the 7ucharest 1toc' )/change and 28 1panish co#panies 0uoted in the Madrid 1toc' )/change, co#ponents o* the I7)9 3: inde/. 2e ha"e deter#ined the &eight o* the intangi!le assets in the *i/ed assets and ha"e co#puted the #ean degree o* disse#ination o* the in*or#ation on intangi!le assets !ased on the scores o!tained !y each co#pany to a set o* 0uestions, designed in the spirit o* the I$1 34 pro"isions. Main *indings - o the 4 0uestions in the set, created in the spirit o* the I$1 34 pro"isions, the I!erian co#panies generally gi"e #ore analytical ans&ers. $lso, they present signi*icant &eights o* the intangi!le assets into the *i/ed assets. 7esides the *inancial reporting o* intangi!le assets, &e ha"e !een concerned &ith analy5ing non-*inancial in*or#ation re*erring to hu#an, relational, and structural capital. It is &orth #entioning that, unli'e the ,o#anian co#panies, the 1panish co#panies present in their annual reports a large a#ount o* data and in*or#ation on intangi!le capital. e!words( Intangi!le assets, hu#an capital, relational capital, structural capital. ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;

Copyright 2013 Cristina-Ionela Fdur, Daniela Ciotin and Marilena Mironiuc. his is an open access article distri!uted under the Creati"e Co##ons $ttri!ution %icense unported 3.0, &hich per#its unrestricted use, distri!ution, and reproduction in any #ediu#, pro"ided that original &or' is properly cited. Contact author( Cristina-Ionela Fdur )-#ail( cristina.*adur+yahoo.co#

<ournal o* $ccounting and $uditing( ,esearch = >ractice 2

Introduction Intangible Assets" #ew Sources for Development $t present, &e li"e in the era o* intellectual property. he access to "ital resources has changed, since physical assets are no longer the #ost i#portant resources. $s Denis 2aitley &rites in .mpires of the /ind ?2aitley, 166:, apud. 1#ith and >arr, 200:@, Apresent and *uture leaders &ill !e #ore o*ten cha#pions o* colla!oration than o* co#petition. ?...@ he leaders o* the *uture &ill o!tain &hat they &ant only !y helping others o!tain &hat they &antB. $c0uiring access to technology #eans colla!oration &ith other co#panies, e"en &ith ri"al ones, in order to gain access to 'no&ledge-!ased resources. Intangi!le assets ha"e acco#panied us all along the history o* #an'ind. $ co#!ination o* inno"ation &ith the statu 0uo &as needed !e*ore intellectual property could !e identi*ied as a special *or# o* the intangi!le, !ut creati"ity has al&ays e/isted ?1#ith and >arr, 200:@. he e/pert in the e"aluation o* intangi!le resources, >atric' 1ulli"an ?200C@, includes in the category o* intangi!le assets the *ollo&ing( mar1et related assets ?trade#ar's, !rands, ne&spaper titles, Internet do#ain na#es, etc.@, customer related assets ?custo#er lists, contracts &ith the custo#ers, custo#er relations@, artistic creations ?theater plays, opera, !allet, !oo's and other literary &or's, #usical &or's, photographs, audio-"isual #aterials@, contract2based assets ?license, pu!licity, #aintenance, leasing contracts, !uilding authori5ations, !roadcast rights, &or' contracts@, and technolog32based assets ?patented technology, co#puter so*t&are, unpatented technology, data!ases, co##ercial secrets, secret *or#ulae@. Created in 1668, &ntellectual 4apital 5weden A6 is the *irst co#pany in the &orld speciali5ed in #easuring intellectual

capital, !y using an especially designed instru#ent - IC Rating. 1tarting *ro# %ei* )d"inssonDs theories, the 1&edish co#pany structures intellectual capital into organi5ational capital ?intellectual property and processes@, hu#an capital ?#anage#ent and e#ployees@, and relational capital ?net&or's, custo#ers, !rand@. IC Rating is a practical plat*or# *or #easuring and descri!ing the non-*inancial assets that are not reported in traditional annual *inancial state#ents, !ut &hich !ring an i#portant contri!ution to the long-ter# success o* the organi5ation. Many authors tried to de*ine as precisely as possi!le the ter# intangible capital, an o!Eecti"e not at all easy to attain !ecause o* the co#ple/ity o* the ter#, as &ell as o* the e#!ryonic stage o* the *ield. $s a result, !oth practitioners and researchers pre*er to use, as a starting point in their approaches, "arious classi*ications o* intangi!le capital according to co#ponents, the #ost o*ten used !eing the one &here intangi!le capital is #ade up o* hu#an capital, structural capital, and relational capital. here are other classi*ications as &ell, !ut the di**erences are o*ten rather related to the *or# than to the contents. Fsually, intangi!le capital is considered e0ui"alent to intellectual capital, !ut speciali5ed literature ?Gunter et al., 200:@ sho&ed that !et&een the# there is an inclusion relation, not e0uality. Intellectual capital could !e assi#ilated to hu#an capital, #eaning the totality o* the e#ployeesD 'no&ledge and s'ills. In ta!le 1, &e ha"e synthesi5ed the #ain ideas o* the #ost reno&ned researchers in the *ield, considering that their !asic speciali5ation is interesting. $s &e can notice, accounting generally operates &ith the ter# Aintangi!le assetsB, &hile #anage#ent #ainly uses the notion o* Aintellectual capitalB. In our study, &e re*er !oth to intangi!le assets, &hich #eet the ac'no&ledge#ent criteria in the !alance sheet, and to intangi!le capital, regarded through a set o* non-*inancial indicators.

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$able %" &sage of the $erms" Intellectual Capital' Intangible Capital' and Intangible Assets in the Studies of the Most Renowned Researchers in the (ield #o ) 1 #ame of the researcher Henneth Ial!raith ?Dunn and >ress#an, 200:@ Iio"anni 1chiu#a *rigin CanadaF1$ Italy Speciali+ation )cono#ist &sed terminolog! ,main ideas 1tresses the i#portance o* the in"est#ents in hu#an capital. Ge is the *irst to use the concept o* intellectual capital in 16C6 ?Myles and <ac'son, 200J@. Intellectual capital, per*or#ance indicators ?Marr et al.,200J@ Intangi!le assets, e"aluation and reporting o* intangi!le capital ?%e", 200J@. Intellectual capital and the reporting o* intellectual capital ?Mouritsen, 200J@. Intellectual capital. he *inancial state#ents do not re*lect the real "alue o* the co#pany ?7roo'ing, 1664@. o!inDs 0 rate is one o* the *irst #odels that pro"e the i#portance o* intellectual capital *or an organi5ation. Intellectual capital, per*or#ance e"aluation. Classi*y the co#ponent ele#ents o* intellectual capital into three categories( hu#an capital, organi5ational capital, custo#er-related capital, and relational capital.

3 J : C 8 4

7aruch %e" 7ernard Marr $nnie 7roo'ing <a#es o!in Ioran ,oos <ohan ,oos

F1$ Ireat 7ritain Ireat 7ritain F1$ F1$ 1&it5erla nd 1&eden Finland Canada F1$

>ro*essor o* inno"ation and 'no&ledge #anage#ent $ccounting 1trategic #anage#ent Manage#ent )cono#ist - Ko!el pri5e in 1641. Manage#ent >ro*essor o* strategy

6 10 11 12

%ei* )d"insson Harl )ri' 1"ei!y 7ontis Kic' Iarry 7ec'er

)/pert in Intellectual Capital. Manage#ent $ccounting, Manage#ent Manage#ent )cono#y - Ko!el pri5e in 1662 Hno&ledge #anage#ent, Intangi!le $sset Monitor Intellectual capital and its i#pact on the co#panyDs per*or#ance 1ets the !ases o* the ter# o* hu#an capital( A...&e are *ully conse0uent to the concept o* capital according to its traditional de*inition i* &e clai# that the e/penses *or the education, training, healthcare, etc. are in"est#ents in capital.B ? 7ec'er, 1663@. )/pert in intangi!le capital, coordinator o* the IKK.D,IL) proEect - &ntangible 4apital and &nno9ations: 'ri9ers of :rowth and ;ocation in .<% studied the connection !et&een producti"ity gro&th and intangi!le capital. Intangi!le assets( de*inition, ac'no&ledge#ent, e"aluation, reporting Intangi!le assets , 'no&ledge #anage#ent De"elops the ter# o* intellectual capital and suggests 10 principles *or its #anage#ent ? Myles and <ac'son, 200J@. Intellectual capital, intellectual property Considers intellectual capital as a co#ponent o* intangi!le capital ?Gunter et al. 200:@.

13

>ie''ola Gannu

Finland

)cono#ist

1J 1: 1C 18 14

%eandro Cani!ano $nnie Ireen 1te&art $. ho#as >atric' 1ulli"an )li5a!eth 2e!ster

1pain F1$ Ireat 7ritain F1$ $ustralia

$ccounting-*inance Manage#ent and 7usiness Intelligence Manage#ent )"aluation Director o* the Institute o* $pplied )cono#ics and social research.

5ource: 7he authors8 projection

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$he (inancial Reporting of Intangible Capital in International $heor! .ne o* the characteristics o* conte#poraneous organi5ations is their a#!ition to de"elop ad"anced #anage#ent syste#s and practices, an o!Eecti"e that i#poses *ocusing the e**orts in the direction o* the 'no&ledge #anage#ent and o* the #anage#ent o* the intangi!le capital. $s a result, strategies are no longer designed only *or positioning the co#pany in relation to its co#petitors, !ut are correlated to intangi!le assets and intellectual capital as the e#ployeesD 1now2 how, relations &ith custo#ers and pro"iders, in*or#ation technologies, and !rand ?Marr et al., 2003@. 7y their nature, such resources are hard to reproduce, ha"ing the potential to create e/traordinary "alue. )"er since 166J, the $#erican Institute o* Certi*ied >u!lic $ccountants ?$IC>$@, noticed( Athe se"ere co#petition and the *ast ad"ances o* technology ha"e lead to dra#atic changes. In order to sur"i"e and !e in co#petition, co#panies change e"erything - the &ay in &hich they are organi5ed and ad#inistrated, the &ay in &hich they &or' and de"elop ne& products, the &ay in &hich they #anage ris' and the relationships &ith the other organi5ations...MtheyN change their in*or#ation syste#s and the type o* in*or#ation they use to lead their !usiness O Can !usiness reporting re#ain i##une to all these *unda#ental changesPB?1#ith and >arr, 200:@. he current *inancial-accounting syste# is una!le to e/plain Athe ne& resourcesB as relationships, internally generated assets and 'no&ledge, an aspect signaled !y the <en'ins report, 1te"en 2all#an, e/co##issioner o* the F1$ 1ecurities and )/change Co##ission ?1)C@, the International $ccounting 1tandards 7oard ?I$17@, the Canadian Institute o* Certi*ied $ccountants and the 4hartered &nstitute of /anagement Accountants ?Mouritsen et al., 200J$. $ccording to 7otosan ?1668@, pro"iding ne& in*or#ation regarding such resources

#ay contri!ute to reducing the cost o* capital, as it di#inishes the uncertainty regarding the co#panyDs perspecti"es and *acilitates !etter !usiness e"aluation. $lso, the disse#ination o* in*or#ation on intellectual capital contri!utes to increasing the de#and *or the co#panyDs shares and the share li0uidity ?Gealy and >alelu, 2001@. he e/perts in the e"aluation o* intellectual property, 1#ith and >arr ?200:@, signal that although the accountants &ere the *irst to ac'no&ledge the e/istence and uni0ue *eatures o* co##ercial *und, they did not #anage to co#!ine the# &ith the principles o* accounting and &ith those o* *inancial reporting and that the traditional *inancial state#ents !eco#e less and less use*ul to in"estors, *inancial analysts, and creditors.

In order to insure the transparency o* the *inancial state#ents and to gain the sta'eholdersD trust, co#panies "oluntarily present #ore and #ore e/tended in*or#ation on intangi!le assets, surpassing the li#itations o* the suggestions *or#ulated !y accounting standards ?IarcQa, 2003@. In the *ield o* reporting o* intellectual capital, the Danish Iuide and the Intellectual Capital Iuide, suggested !y the M),I FM proEect, are the #ost i#portant sources o* in*or#ation *or practitioners ?Iui#on, 2003@. he guide suggested !y M),I FM descri!es the &ay in &hich the ,eport on intellectual capital is dra&n, into three stages( 1. he co#pany #ust present the !usiness perspecti"e, descri!ing the strategic o!Eecti"es and the critical intangi!lesR 2. $ su##ary is dra&n o* the intangi!le resources and acti"ities needed *or #eeting the o!Eecti"es, and 3. $ syste# o* indicators is created to #easure the degree to &hich the o!Eecti"es are #et. he guide reco##ends classi*ying the intangi!le resources and acti"ities into three categories( hu#an capital, structural capital, and relational capital. he guide *or declarations concerning intellectual capital o* the Danish $gency o*

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Co##erce and Industry, &hose creation in"ol"ed 18 Danish co#panies ?16682000@, re"eals a deep understanding o* the *act that there are aspects o* the co#paniesD "alue that cannot !e rendered in the accounting sheet ?Cohen, 200:@. 1o#e o* the indicators used !y the Danish Iuide *or #easuring intangi!le capital are( the percentage o* sta** &ith acade#ic studiesR the in"est#ent in training per e#ployeeR the sta** *lo&R social e"ents, including the#e days ?pro"es &hat the co#pany does to de"elop the e#ployeesD social net&or'@R colla!oration agree#ents &ith !usiness ad#inistration uni"ersities and *acultiesR the nu#!er o* patents appro"ed at presentR in*or#ation docu#ents a"aila!le onlineR the product inno"ation ratio. 7et&een the t&o Are*erencesB in the *ield o* reporting o* intangi!le capital there are so#e di**erences. First o* all, the M),I FM proEect uses the ter# AreportB &hen suggesting the reporting #odel, &hile the Danish Iuide uses the ter# o* state#ents. 2hat is the di**erence !et&een a report and a state#entP <ose Iui#on, in A,ecent )uropean #odels *or intellectual capital #anage#ent and reporting( $ co#parati"e study o* the M),I FM and the Danish IuidelinesB ?2003@ pro"ides the ans&ers gi"en !y the coordinators o* the t&o proEects( *or the 1panish researchers, the ter# Astate#entB re*ers to co#pulsory *inancial reporting, and they pre*er the ter# AreportB !ecause it is #ore suggesti"e *or the "oluntary character o* the guide. >ro*essor Mouritsen, direct o* the Danish Iuide, considers that the report suggests a rigid *or#at, &hile the state#ent is #ore descripti"e, less *or#al. I* the M),I FM Iuide proEect suggests classi*ying the actions and indicators into three categories( hu#an capital, structural capital, and relational capital, the Danish Iuide is #ore *le/i!le, suggesting the classi*ication o* the actions and indicators into e#ployees, custo#ers, processes, and technologies. he Danish Iuide allo&s the co#panies to decide ho& they &ill classi*y the intangi!le ele#ents, considering their classi*ication as secondary to the decision to de"elop indicators.

Go&e"er, the t&o guides ha"e #ore points in co##on than di**erencesR the application o* one guide or another &ill not deter#ine signi*icant di**erences in &hat concerns the reporting practices o* intellectual capital. he practitioners should e/plore the di**erences !et&een the t&o re*erences !e*ore deciding &hich one to apply. Fro# a certain perspecti"e, the Danish Iuide starts &here the M),I FM ends( the guide suggested !y the M),I FM proEect includes the conceptual *ra#e and the processes that can !e used to #anage intangi!le assets, and the Danish Iuide contains practical reco##endations *or dra&ing the intellectual capital state#ent. In order to use the results o* the M),I FM proEect, the )SHK.2-K) proEect &as started, &hose general o!Eecti"e is the creation o* a research and co##unication net&or' on intangi!le ele#ents. he acti"ities correlated to the suggested o!Eecti"e are( creating a net&or'R disse#inating the results o* the researches regarding intellectual capital and allo&ing access to a large nu#!er o* usersR pro#oting the discussions &ith the users in order to de*ine the research agenda and e/plore ne& needs related to the #anage#ent o* intangi!le capital. he guide suggested !y M),I FM dre& the practitionersD attention, !ut did not #anage to clari*y the steps that the co#panies should ta'e in order to #anage and report intangi!le capital. he !usiness en"iron#ent underlined the need *or #ore speci*ic indicators, *or concrete e/a#ples and &or' instructions. .n the other hand, *or the M),I FM guide to !eco#e a standard in the *ield o* intellectual capital, it has to 'eep its general character in order to pro"ide a co##on language. It is, actually, a co#pro#ise !et&een a co#plete character and the si#plicity and *le/i!ility re0uired *ro# a standard. hus, although the adoption and application rate o* the M),I FM guide is high, there still are issues concerning the deep #eanings o* intangi!le capital, its #anage#ent and reporting. he s&itch *ro# understanding the i#portance o* 'no&ledge and the application o* actions to capitali5e upon it pro"es e/tre#ely di**icult.

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In per*or#ing the )SHK.2-K) acti"ities, nu#erous cases o* adopting the guide suggested !y M),I FM &ere identi*ied, the #ost elo0uent !eing in 1pain. he regional go"ern#ent o* the co##unity o* $ndalusia, through the $ndalusia $gency *or !usiness pro#otion, reco##ended co#panies to apply the M),I FM guide, analy5e it, and #a'e suggestions. .n the other hand, the 1panish Ministry o* )cono#y *or#ed a group o* e/perts &ith the #ission to dra& the A2hite 7oo'B o* the accounting re*or#. he A2hite 7oo'B pro#otes the intangi!le capital reporting practices, starting *ro# the pro"isions included in the M),I FM guide. he M),I FM guide &as tested at a large e/tent in 1pain( the C largest co#panies in the industry o* electric *acilities &ere counseled !y the $utono#ous Fni"ersity o* Madrid in the process o* dra&ing the reports on intangi!le capital. $t the sa#e ti#e, inter"ie&s &ere organi5ed to test the M),I FM guide on s#all and #ediu# enterprises in the ele*onica group. he M),I FM reco##endations &ere also ta'en integrally !y the F,$M) proEect, *unded !y the Korthern Industrial Fund, and the Kor&egian Ministry o* )cono#y considers the M),I FM guide as a starting point in dra&ing a national report on intangi!le capital. 7oth the M),I FM guide and the #ethodology suggested !y the Danish Iuide &ere ta'en !y the $strophysics Institute and the echnology Institute *or regenerati"e resources in 1pain. In the 'no&ledge econo#y, intangi!le capital is a "ery i#portant *actor o* "alue creation. raditional *inancial-accounting state#ents do not pro"ide rele"ant in*or#ation *or #anagers and in"estors that &ould e/plain ho& their resources, o* &hich #ost are intangi!le, &ill create "alue in the *uture. Intangi!le capital state#ents co#e to co#plete *inancial-accounting reporting, as a co##unication instru#ent outside the organi5ation o* the 'no&ledge!ased strategy, as &ell as o* internal #anage#ent ?Mouritsen et al,. 200J@.

In our study, &e ha"e analy5ed, on the one hand, the e/tent to &hich co#panies co#ply &ith the I$1 34 pro"isions re*erring to intangi!le assets and, on the other, the "olu#e and type o* in*or#ation pro"ided !y the co#panies concerning their in"ol"e#ent in the li*e o* the co##unity, in preser"ing and protecting the en"iron#ent, in #anaging and e"aluating the hu#an resources, in research and de"elop#ent acti"ities, etc. Research Methodolog! 2e ha"e analy5ed the annual *inancial state#ents corresponding to the *iscal year closed on 12.31.2011, dra&n according to I$13IF,1 pro"isions, *or 16 co#panies listed in the 7ucharest 1toc' )/change and 28 1panish co#panies 0uoted in the Madrid 1toc' )/change, co#ponents o* the I7)9 3: #ar'et inde/, and &e ha"e co#puted the #ean degree o* disse#ination o* the in*or#ation on intangi!le assets !ased on the points o!tained !y each co#pany to a set o* 0uestions, designed in the spirit o* the I$1 34 pro"isions. In the data collection stage, &e resorted to #ediated data collection techni0ues *ro# the annual *inancial state#ents and reports, and in the processing and analysis stage &e used the e#piric co#parati"e analysis, in order to identi*y the rese#!lances and di**erences !et&een the in*or#ation pu!lished !y the co#panies in the t&o countries su!Eect to the study and the 0uantitati"e analysis. he data &as processed using the 1>115tatistical Pac1age for the 5ocial 5ciences software. In our approach, &e ha"e studied the consolidated *inancial state#ents o* the co#panies in the analy5ed sa#ple and &e ha"e tried to see i* they #eet the #ini#u# in*or#ation criteria regarding the inclusion, in the e/planatory notes, o* signi*icant ele#ents related to intangi!le assets, i#posed !y the international standard I$1 34 &ntangible assets. In order to achie"e this o!Eecti"e, &e ha"e !uilt a set o* 4 0uestions(

8 <ournal o* $ccounting and $uditing( ,esearch = >ractice

-%. Does the entity #a'e a distinction !et&een internally generated intangi!le assets and the ac0uired onesP -.. Is there any #ention #ade o* &hether the use*ul li*eti#e is undeter#ined or deter#ined, and in case it is deter#ined, o* the use*ul li*eti#e or the depreciation ratios used, as &ell o* as the depreciation #ethod e#ployed *or intangi!le assets &ith deter#ined use*ul li*eti#eP -/. Does the entity descri!e the *actors that played a signi*icant role in *inding out &hether the use*ul li*eti#e o* an intangi!le asset is undeter#inedP -0. Does the co#pany present the #o"e#ents, rises and reductions in the period, pro"iding details that &ould e/plain the dyna#ics o* intangi!le assetsP -1. Is the gross accounting "alue presented, as &ell as any cu#ulated depreciation ?aggregated &ith the

cu#ulated losses *ro# i#pair#ent@ at the !eginning and at the end o* the periodP -2. Does the entity present the i#pair#ent adEust#ents acco#panied !y a short e/planation o* the corresponding causesP -3. Is the aggregated "alue o* research and de"elop#ent costs ac'no&ledged as e/penses *or the presented periodP -4. Is there any description o* any co#pletely depreciated intangi!le asset that is still used, and a !rie* description o* the signi*icant intangi!le assets controlled !y the entity, !ut not ac'no&ledged as assets !ecause they did not #eet the ac'no&ledge#ent criteria in the present standard, or !ecause they ha"e !een ac0uired or generated !e*ore the co#ing into *orce o* the "ersion issued in 1664 o* I$1 34 &ntangible assets= )ach ans&er has !een su!se0uently noted &ith points *ro# 0 to 1, 1 representing a satis*ying, co#plete, and detailed ans&er. he notation grid is presented in ta!le 2(

$able ." Criteria for Assigning 5oints 5oints granted 0,00 0,2: 0,:0 0,8: 1 Criteria Ko ans&er %apidary, general ans&er >artial ans&er Detailed !ut inco#plete ans&er Co#plete and detailed ans&er *inancial state#ents pu!lished on their o&n 2e! sites or on the 1toc' )/change 2e! site and &e identi*ied 1J co#panies that dra& consolidated *inancial state#ents co#pliant &ith the International Financial ,eporting 1tandards. 1ince the si5e o* the resulting sa#ple &as "ery lo&, &e set as a starting point the acti"ity *ields o* the already selected co#panies and e/tended the analysis on the co#panies 0uoted in the 7ucharest 1toc' )/change, section ,$1D$T, *ro# the *ollo&ing acti"ity !ranches( e/traction industry, processing industry, production and supply o* electric and ther#al energy, constructions, &holesale and retail trade, transport, hotels and restaurants, and pro*essional,

he sa#ple su!Eect to analysis is co#posed o* ,o#anian and 1panish co#panies that apply IF,1( 16 ,o#anian co#panies 0uoted in the 7ucharest 1toc' )/change and 28 1panish co#panies 0uoted in the Madrid 1toc' )/change. In esta!lishing the sa#ple *or ,o#ania, &e too' into account the co#panies 0uoted in the 7ucharest 1toc' )/change, section 71), categories I, II, and III. .* the total 10C co#panies ?on 08.20.2012@, 2: are no longer listed, and 12 are *inancial in"est#ent societies ?FI1@ or !an's and &ere e/cluded *ro# the studied sa#ple as a result o* the *act that they apply speci*ic accounting regulations. For the C6 re#aining co#panies, &e analy5ed the

<ournal o* $ccounting and $uditing( ,esearch = >ractice 4

scienti*ic, and technical acti"ities. 2e identi*ied : #ore co#panies that apply I$13IF,1, resulting in a *inal sa#ple *or ,o#ania #ade up o* 16 trading co#panies, o* a total 2:2 analy5ed co#panies. In esta!lishing the sa#ple *or 1pain, &e considered the co#panies 0uoted in the Madrid 1toc' )/change that are part o* I7)9 3:. .* the 3: co#panies, 8 are

*inancial institutions and one is an insurance co#pany, and &e eli#inated the# *ro# the analysis !ecause o* the nature o* their acti"ity. $ll the 28 re#aining co#panies dra& consolidated *inancial state#ents, apply IF,1, and ha"e *inancial state#ents pu!lished on their o&n 2e! site, there*ore our *inal sa#ple *or 1pain is #ade up o* 28 trading co#panies.

(igure %" 6raphicall! Represents the Structure per Countr! of the Anal!+ed Sample)

(ig %) Sample Structure

6 <ournal o* $ccounting and $uditing( ,esearch = >ractice

he a"erage degree o* disse#ination &as co#puted as an arith#etic #ean o* the ans&ers identi*ied to the 0uestions in the set. $ *irst analysis re"eals signi*icant di**erences at the le"el o* this indicator ?ta!les 3 and J@( &hile the a"erage "alue o*

the degree o* disse#ination is 32.:8U *or the analy5ed ,o#anian co#panies, the 1panish co#panies in the sa#ple present in*or#ation in intangi!le assets according to I$1 34 to a percentage o* C1.11 U.

$able /: Average Degree of Dissemination 7 Romania # 16 16 Minimum Ma8imum .00 .:C Mean .32:8 Std) Deviation .1J:21

ID Lalid K ?list&ise@

he #ini#u# "alue o* the a"erage degree o* disse#ination o* the in*or#ation on intangi!le assets according to I$1 34 is e0ual to 0, since the )%)C ,.$>$,$ $< co#pany does not ha"e the e/planatory notes pu!lished on the &e!site, &hile t&o other co#panies, IM>$C D)L)%.>),=C.K ,$C ., and D$F.,$,

ha"e no e/planatory note *or intangi!le assets. In the case o* the 1panish co#panies, the a"erage degree o* disse#ination o* the in*or#ation on intangi!le assets is 0.61, &hile ,o#anian co#panies reach a #a/i#u# "alue o* 0.:C.

$able 0" Average Degree of Dissemination 7 Spain Minimu m .31

# ID Lalid K ?list&ise@ 28 28

Ma8imum .61

Mean .C111

Std) Deviation .13:J4

2e &ished to analy5e the correlation !et&een the &eight o* the intangi!le assets into the *i/ed assets and the a"erage degree o* disse#ination o* the in*or#ation on intangi!le assets.

he a"erage &eight o* the in*or#ation on intangi!le assets is 31.64U *or I!erian co#panies ?ta!le :@ and 8.J1U in the case o* ,o#anian co#panies ?ta!le C@.

$able 1" 9eight of the Intangible Assets into the (i8ed Assets 7 Spain Minimu m .0C

# 2$K Lalid K ?list&ise@ 28 28

Ma8imum 61.J8

Mean 31.64J6

Std) Deviation 2C.481C:

$able 2" 9eight of the Intangible Assets into the (i8ed Assets 7 Romania # 16 16 Minimum Ma8imum .0J 8C.C3 Mean 8.J0:J Std) Deviation 18.:2:C3

2$K Lalid K ?list&ise@

Data processing in 1>11 re"eals the *act that only the analy5ed "aria!le ADDB has a nor#al distri!ution ?ta!le C@. he statistical hypotheses are(

:%. Kull hypothesis( the A2$KB "aria!le is nor#ally distri!uted. :.. $lternati"e hypothesis( the A2$KB "aria!le is not nor#ally distri!uted.

<ournal o* $ccounting and $uditing( ,esearch = >ractice 10

and :/. Kull hypothesis( the ADDB "aria!le is nor#ally distri!uted. :0. $lternati"e hypothesis( the ADDB "aria!le is not nor#ally distri!uted. $sy#pt 1igV0.414, respecti"ely 0.02:, #eaning the ris' to reEect the null hypothesis is 0.414, #eaning 41.4U,

respecti"ely 0.02:, #eaning 2.:U. he ris' o!tained is #uch higher than the allo&ed ris' o* :U, there*ore &e cannot reEect the null hypothesis only *or the DD "aria!le. For the 2$K "aria!le, &e can reEect the null hypothesis, the "aria!le is not nor#ally distri!uted. $s a result, &e cannot co#pute the >earson correlation coe**icient in order to identi*y the correlation !et&een the t&o "aria!les.

$able 3" *ne;Sample olmogorov;Smirnov $est 6D JC .J632 .16408 .063 .0:J -.063 .C33 .414 9A# JC 21.432: 2C.2C342 .214 .214 -.203 1.J86 .02:

K Kor#al >ara#eters?a, !@ Most )/tre#e Di**erences Hol#ogoro"-1#irno" W $sy#p. 1ig. ?2-tailed@

a est distri!ution is Kor#al. ! Calculated *ro# data.

Mean 1td. De"iation $!solute >ositi"e Kegati"e

In &hat concerns the distinction !et&een the internally generated intangi!le assets and the ac0uired ones, 1J ,o#anian co#panies and 6 1panish co#panies do not ha"e this deli#itation, &hile 6 1panish entities and only one ,o#anian co#pany

din pro"ide a clear and co#plete ans&er to this 0uestion in their *inancial state#ents. he results o* the analysis according to the ans&ers identi*ied to 0uestion 1 are synthesi5ed in the ta!le !elo&(

$able 4" Sample Anal!sis according to the Answers to -% *riginating countr! R*MA#IA S5AI# 1J 6 2 C 2 2 0 1 1 6 16 28

$otal 23 4 J 1 10 JC

TF)1 I.K 1

,00 ,2: ,:0 ,8: 1,00

otal

Most analy5ed co#panies pro"ide co#plete in*or#ation in the e/planatory note concerning the accounting policies on

deprecia!le assets, the depreciation duration and #ethods used. Figure no. 2 synthetically presents the results o!tained(

11 <ournal o* $ccounting and $uditing( ,esearch = >ractice

Bar Chart
12 10

Originat ing country

RO SP

Count

8 6 4 2 0 ,00 ,25 ,50 ,75 1,00

QUESTION 2

(ig .) Sample Anal!sis according to the Answers to -. he e/planatory notes to the *inancial state#ents dra&n !y the ,o#anian co#panies do not include the description o* the *actors that played a signi*icant role in esta!lishing the *act that the use*ul li*e duration o* an intangi!le asset is unde*ined, &hile only J 1panish co#panies in the analy5ed sa#ple #eet this re0uire#ent o* the standard ?ta!le 6@.

$able <" Sample Anal!sis according to the Answers to - / *riginating countr! R*MA#IA S5AI# 16 14 0 3 0 2 0 J 16 28

$otal 38 3 2 J JC

TF)1 I.K 3

,00 ,2: ,:0 1,00

otal

.nly J ,o#anian countries do not present the dyna#ics o* the intangi!le assets, &hile all the 1panish co#panies present the

#o"e#ents, increases, and reductions *or the period, also pro"iding so#e narrati"e in*or#ation ?*igure 3@.

Bar Chart
20 15

Count

Originati ng country RO SP

10 5 0 ,00 ,50 ,75 1,00

QUESTION 4

(ig /) Sample Anal!sis according to the Answers to - 0 $ll the 1panish co#panies and 1: ,o#anian co#panies present the gross accounting "alue and any cu#ulated depreciations ?aggregated &ith the cu#ulati"e losses *ro# i#pair#ent@ at the !eginning and at the end o* the period ?ta!le 10@.

<ournal o* $ccounting and $uditing( ,esearch = >ractice 12

$able %=" Sample Anal!sis according to the Answers to - 1 *riginating countr! R*MA#IA S5AI# J 0 1: 28 16 28

$otal J J2 JC

TF)1 I.K : otal

,00 1,00

For ,o#ania, only 2 co#panies o* the 16 analy5ed - appro/i#ately 10.:3U - present detailed and co#plete in*or#ation on the

*actors that deter#ined "alue adEust#ents, &hile *or the 1panish co#panies, the percentage rises to :1,4:U ?*igure J@.

Bar Chart
12,5

Count

10,0 7,5 5,0 2,5 0,0 ,00 ,25 ,50 ,75 1,00

Origina ting country RO SP

QUESTION 6

(ig 0) Sample Anal!sis according to the Answers to - 2 J4.1:U o* the analy5ed 1panish co#panies present in*or#ation on the aggregated "alue o* the research and de"elop#ent costs ac'no&ledged as e/penses *or the period, &hile this in*or#ation is not present in ,o#anian co#panies ? a!le 11@.

$able %%" Sample Anal!sis according to the Answers to - 3 *riginating countr! R*MA#IA S5AI# 12 2 13 28

$otal 31 2 13 JC

TF)1 I.K 8

,00 ,2: 1,00

otal

16 0 0 16

I$1 34 stipulates as a reco##endation the re0uire#ent *or in*or#ation related to the description o* the co#pletely depreciated

intangi!le assets that are still used, !ut #ost co#panies included in the sa#ple do not present this in*or#ation ?ta!le 12@.

13 <ournal o* $ccounting and $uditing( ,esearch = >ractice

$able %." Sample Anal!sis according to the Answers to - 4 *riginating countr! R*MA#IA S5AI# 14 1C 0 J 1 8 16 28

$otal 3J J 4 JC

TF)1 I.K 4

,00 ,:0 1,00

otal

In our approach, &e ai#ed to study the e/tent to &hich co#panies present in annual reports, !esides the I$13IF,1

re0uire#ents and reco##endations, ele#ents o* intangi!le capital. here*ore, &e considered the *ollo&ing indicators(

$able %/" Indicators of Intangible Capital :uman Capital Indicators Ku#!er and age o* the e#ployees Moti"ations3!ene*its gi"en to the e#ployees i#e allocated to the e#ployeesD training Relational Capital Indicators Kational and international certi*ications o!tained in the *ield o* product 0uality Concern &ith the en"iron#ent he custo#er satis*action inde/ 1ocial progra#s, donations he co#puting algorith# *or hu#an capital, relational capital, respecti"ely structural capital is easy( i* the co#pany presents co#plete in*or#ation on an indicator, it is graded &ith 1, i* it does not present in*or#ation, it recei"es 0 points, and i* it presents certain in*or#ation only partially, it is graded appropriately( 0.2:, 0.:, or 0.8:. $t the end, each co#ponent o* intangi!le capital &ill !e e0ual to the arith#etic #ean o* the scores o!tained *or. he arith#etic #ean o* the "alues o!tained *or hu#an, relational, and structural capital is the intangi!le capital o* the co#pany. he results o!tained *or the analy5ed sa#ple are presented in the *igure !elo&( Structural Capital Indicators Inno"ation, research and de"elop#ent acti"ities 1yste#s Ku#!er o* patents

Bar Chart
COUNTRY
ROMANIA SPAIN

Count

0
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06 08 10 14 16 17 22 24 26 27 28 31 32 32 36 44 47 56 58 60 61 61 63 64 67 69 78 85 85 86 86 87 89 92 96 97

IC

(ig 1) >alues of Intangible Capital for the Anal!+ed Sample

<ournal o* $ccounting and $uditing( ,esearch = >ractice 1J

he 1>11 output sho&s that the highest "alue o* intangi!le capital reached !y ,o#anian co#panies is 0.C1, &hile #ost I!erian co#panies ?21 co#panies out o* 28@ ha"e "alues higher than this threshold. he high di**erence !et&een the "alues o* intangi!le capital o!tained !y each country is Eusti*ied, on the one hand, !y the *act that only one ,o#anian co#pany ?.ML >) ,.M@ presents a social responsi!ility

report, and J other co#panies present, on their o**icial 2e! page, sections &ith "ague in*or#ation on social responsi!ility, &hile all the 1panish co#panies present such reports. $lso, &e noticed that so#e I!erian co#panies ?e.g.( Ia#esa, Ferro"ial@ present, on their o**icial page, a #enu titled Ahu#an capitalB. Ko ,o#anian co#pany and only : 1panish co#panies present the I,I inde/ - :lobal Reporting &nitiati9e.

(ig 2) Spanish Companies that Appl! the 6lobal Reporting Initiative he Ilo!al ,eporting Initiati"e ?I,I@ is a non-pro*it organi5ation that pro#otes econo#ic, en"iron#ental, and social sustaina!ility. I,I pro"ides all co#panies and organi5ations &ith a co#prehensi"e sustaina!ility reporting *ra#e&or' that is &idely used around the &orld. I,IDs 1ustaina!ility ,eporting Fra#e&or' ena!les all co#panies and organi5ations to #easure and report their sustaina!ility per*or#ance. 7y reporting transparently and &ith accounta!ility, organi5ations can increase the trust that sta'eholders ha"e in the#, and in the glo!al econo#y. he #ean "alues o* the degree o* disse#ination o* the in*or#ation on intangi!le assets intangi!le capital per acti"ity !ranch are presented in the ta!les and *igures !elo&(

1: <ournal o* $ccounting and $uditing( ,esearch = >ractice

$able %0: >alues of Intangible Capital in Romanian Companies' per Activit! (ield
IC * ACTIVITY FIELD Crosstabulation Count ACTIVITY FIELD PROFESSIO NAL, SCIENTIFIC, ENERGY AND EXTRACTION PROCESSINGPRODUCTION CONSTRUC HOTELS AND TECHNICAL INDUSTRY INDUSTRY AND SUPPLY TIONS COMMERCE TRANSPORTRESTAURANTS ACTIVITIES IC .06 .08 .14 .16 .17 .22 .24 .27 .28 .31 .32 .36 .47 .56 .58 .61

Total

0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 3

0 1 1 1 0 0 1 0 0 1 0 1 1 0 1 0 8

0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1

0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 2

0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 2

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1

1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1

0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1

1 1 2 1 1 2 1 1 1 1 1 2 1 1 1 1 19

Total

(ig 3) >alues of the Mean Degree of Dissemination of the Information on Intangible Assets in Romanian Companies' per Activit! (ield

<ournal o* $ccounting and $uditing( ,esearch = >ractice 1C

(ig 4) >alues of the Mean Degree of Dissemination of the Information on Intangible Assets in Spanish Companies' per Activit! (ield

$able %1" >alues of Intangible Capital in Spanish Companies' per Activit! (ield
IC * ACTIVITY FIELD Crosstabulation Count ACTIVITY FIELD FINANCIAL SERVICES CONSUMER AND REAL SERVICES ESTATE

TECHNOLOGY AND COMMUNICATIONS IC .10 .26 .27 .32 .44 .60 .61 .63 .64 .67 .69 .78 .85 .85 .86 .86 .87 .89 .92 .96 .97

INDUSTRY AND CONSTRUCTIONS

PETROL AND ENERGY

DISTRIBUTION

CONSUMER GOODS

Total

0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 3

1 0 1 1 0 0 1 1 0 0 0 1 0 1 0 0 1 0 2 0 1 11

0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 3

0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1

0 0 0 0 0 0 0 0 0 0 0 1 1 0 2 1 0 1 0 0 0 6

0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1

0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 2

1 1 1 1 1 1 1 1 1 1 1 4 1 1 2 1 1 2 2 1 1 27

Total

Fro# the analysis o* the in*or#ation per acti"ity *ield, &e can notice that there is no coherent practice o* the co#panies in the sa#e acti"ity sector. For e/a#ple, o* the 28 1panish co#panies included in the analysis, 11 co#panies are in the !ranch AIndustry and constructionsB. 2ithin this

su!-sa#ple, only 2 co#panies present an e0ual "alue o* intangi!le capital, *or the rest, the "alues o* the indicator co"er al#ost all the inter"al M0.1R 0.68N. In &hat concerns the #ean degree o* disse#ination, &e can notice that #ost 1panish co#panies in the pre"iously

18 <ournal o* $ccounting and $uditing( ,esearch = >ractice

#entioned acti"ity *ield present a "alue o* this indicator o* 0.:C, the #a/i#u# "alue reached !y the co#panies in this acti"ity *ield !eing e0ual to 0.8:. Conclusions and Discussions In order to identi*y the policies used !y co#panies in the reporting o* intangi!le assets and to deter#ine the e/tent to &hich co#panies *orced to apply the International Financial ,eporting 1tandards co#ply &ith the I$1 34 pro"isions, &e ha"e analy5ed the consolidated *inancial state#ents, dra&n according to IF,1 !y 16 ,o#anian co#panies 0uoted in the 7ucharest 1toc' )/change and 28 1panish co#panies 0uoted in the Madrid 1toc' )/change, co#ponents o* the I7)9 3: inde/. 2e ha"e deter#ined the &eight o* the intangi!le assets in the *i/ed assets and ha"e co#puted the #ean degree o* disse#ination o* the in*or#ation on intangi!le assets !ased on the scores o!tained !y each co#pany to a set o* 0uestions, designed in the spirit o* the I$1 34 pro"isions. $*ter analy5ing the collected data &ith the 5tatistical Pac1age for the 5ocial 5ciences ?1>11@ statistic so*t&are, &e noticed signi*icant di**erences in &hat concerns the reporting o* intangi!le assets. First o* all, the degree o* disse#ination o* the in*or#ation on this category o* assets is lo&er in the case o* the sa#ple o* autochthonous co#panies ?32.:8U@ co#pared to that o* 1panish co#panies ?C1.11U@. he *inancial-accounting reports o* the 1panish co#panies contain a "ast a#ount o* in*or#ation re*erring to intangi!le capital and co#ply to a greater e/tent &ith the pro"isions o* international nor#s in the *inancial reporting o* intangi!le assets. o the 4 0uestions in the set, created in the spirit o* the I$1 34 pro"isions, the I!erian co#panies generally gi"e #ore analytical ans&ers. $lso, they present signi*icant &eights o* the intangi!le assets into the *i/ed assets. 7esides the *inancial reporting o* intangi!le assets, &e ha"e !een concerned &ith analy5ing non-*inancial in*or#ation

re*erring to hu#an, relational, and structural capital. It is &orth #entioning that, unli'e the ,o#anian co#panies, the 1panish co#panies present in their annual reports a large a#ount o* data and in*or#ation on intangi!le capital. Moreo"er, as sho&n on the o**icial page o* I7),D,.%$, this co#pany, together &ith other *i"e co#panies, co#ponents o* I7)9 3:, created the ACorporate )/cellence Centre *or ,eputation %eadershipB *oundation, considered a la!oratory o* ideas dedicated to the pro#otion o* the #anage#ent o* intangi!le assets as strategic "alues in reaching e/cellence. he 1>11 output re"ealed that there are no correlations !et&een the &eight o* the intangi!le assets into the *i/ed assets and the #ean degree o* disse#ination o* the in*or#ation on i##aterial assets, nor !et&een the #ean degree o* disse#ination and the "alue o* intangi!le capital. 1econdly, &e ha"e also #onitored the audit co#panies contracted to "eri*y the annual *inancial state#ents( all the 1panish co#panies and 84.6JU o* the autochthonous co#panies ha"e auditors in the 7II J. .ne o* the li#itations o* our study is the s#all si5e o* the sa#ple *or ,o#anian co#panies. 2e consider that this issue &ill !e o"erco#e starting &ith the *inancial state#ents *or 2012, considering that, according to art. 1 o* .MF> 44132012 regarding the application b3 the trading companies whose tangible assets are allowed for transactions on a mar1et regulated b3 the &nternational >inancial Reporting 5tandards, starting &ith the *iscal year 2012, the co#panies &hose tangi!le "alues are allo&ed *or transactions on a regulated #ar'et, ha"e the o!ligation to apply the International Financial ,eporting 1tandards ?IF,1@ in dra&ing the annual indi"idual *inancial state#ents. he points granted *or the eight 0uestions related to the disse#ination o* the in*or#ation re*erring to the intangi!le assets, as &ell as *or the indicators o* intangi!le capital, #ay deter#ine a certain degree o* su!Eecti"ity in &hat concerns the

<ournal o* $ccounting and $uditing( ,esearch = >ractice 14

collected in*or#ation. .!"iously, this aspect #ay !ias, to a s#all e/tent, in our opinion, the results o* the research. Future research directions &ill consider a dyna#ic analysis o* the *inancial reports on the intangi!le assets and intangi!le capital o* the co#panies. Acknowledgment his &or' &as supported !y the the European Social (und in Romania, under the responsi!ility o* the Managing $uthority *or the 1ectorial .perational >rogra##e *or :uman Resources Development 2008-2013 Mgrant >.1D,F3C>> 1083DMI 1.:313843J2NX. References $ )uropean ,esearch $rena on Intangi!les ?)SHK.2-K) @. ?2003@. A,eport .* 2or' >ac'age 2. Intellectual Capital 1tate#ents in Fir#s,B Maccessed on 01.26.2012.N, http(33&&&.pn!u'h.co#3*iles3pd*;*iler3Fi nal;report;2>2.pd*, 7ec'er, I. 1. ?1663@. YGu#an Capital( $ heoretical and )#pirical $nalysis, &ith 1pecial ,e*erence to )ducation,Y 4hicago <ni9ersit3 Press, Chicago. 7otosan, C. $. ?1668@. XDisclosure %e"el and the Cost o* )0uity Capital,X 7he Accounting Re9iew, 82?3@, 1J:-1:J. 7roo'ing, $. ?1664@. Intellectual Capital. Core $sset *or he hird Millenniu# )nterprise, &nternational 7homson 6usiness Press, 7er'shire Gouse, %ondon

s3gal!raith3docs3dunn.pd*,. Iui#on, <. ?2003@. Y,ecent )uropean Models *or Intellectual Capital Manage#ent and ,eporting( $ Co#parati"e 1tudy o* the M),I FM and the Danish Iuidelines,Y M.nlineN, Maccessed on 03.16.2012N, &&&.iade.org3*iles3#c#aster2.doc Gealy, >. M. = >alelu, H. I. ?2001@. XIn*or#ation $sy##etry, Corporate Disclosure, and the Capital Mar'et( $ ,e"ie& o* the )#pirical Disclosure %iterature,X Journal of Accounting and .conomics, 31, 112-122 Gunter, %., 2e!ster, ). = 2yatt, $. ?200:@. AForu#( Intellectual Capital. Measuring Intangi!le Capital( $ ,e"ie& o* Current >ractices,B Australian Accounting Re9iewR <uly 200:R 1:?2@R C8-8J. Intellectual Capital 1&eden.o**icial page( http(33&&&.intellectualcapital.se3De*ault. asp/PpageV18, accessed on 01.31.2012. International 1y#posiu#. ?1666@. AMeasuring and ,eporting Intellectual Capital( )/perience, Issues, and >rospects,B $#sterda#, echnical Meeting <une 6-10, 1666 a"aila!le at http(33&&&.oecd.org3dataoecd31C321316 J844C.pd*, accessed on 03.20.2012. %e", 7. ?200J@. A1harpening the Intangi!les )dge,B M.nlineN, Maccessed on 03.20.2012N, http(33people.stern.nyu.edu3!le"3Docu#e nts3%e";G7,.pd*,

Cohen, <. $. ?200:@. YIntangi!le $ssetsLaluation and )cono#ic 7ene*it,Y translation !y >ri#s Irup, 7ucharest( Irecson, 2004 Dunn, 1. >. = >ress#an, 1. ?200:@. A he )cono#ic Contri!utions o* <ohn Henneth Ial!raith,B ,e"ie& o* >olitical )cono#y 18?2@, 1C1-206, $pril 200:, M.nlineN, Maccessed on 03.20.2012N, http(33&&&.!i!.ua!.es3socials3e/posicion

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16 <ournal o* $ccounting and $uditing( ,esearch = >ractice

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