Intangible Assets Measurement and Reporting: Expanding Horizons in Information Based Economy
Abstract
Business dynamics of 21st century has progressively transitied from Industrial economy to Information Based economy. Various frameworks proposed by researchers like Invisible balance sheet, Intangible assets monitor, Skandia Navigator, Value chain scoreboard and Balanced Scorecard are discussed in this paper. This paper showed that with the transition of economy from Industrial economy to Information based economy, the dependency of businesses are much on the concept of intangible assets rather than on tangible assets. In 21st century, companies have realized that long term competitive advantage is not possible without considering intangible assets and reporting of intangible assets in their annual reports. Therefore, there is an immediate need of common framework for managing, measuring and reporting of intangible assets, so that companies will managed tangible assets as well as intangible assets in proper manner
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