Accounting for Intellectual Capital: On the Elusive Path from Theory to Practice
Knowledge and Process Management, Vol. 12, No. 3, pp. 217-224
25 Pages Posted: 8 May 2009 Last revised: 1 Mar 2012
Date Written: May 5, 2009
Abstract
Intellectual capital emerged approximately twenty years ago as an alternative paradigm with the ambition to identify, measure, report and manage knowledge assets. While the need for regulatory frameworks to account for knowledge assets and intangible drivers of value was pressing in the setting of the "new economy", intellectual capital has yet to establish itself as a dominant solution for accounting theorists, corporate professionals and regulators. This paper analyzes intellectual capital as a tool to meet practical needs with respect to accounting for and managing knowledge-based, intangible wealth. Several explanations are provided on the extent of acceptance of intellectual capital as a management accounting alternative.
Keywords: Intellectual capital, intangible assets
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