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CONVERGENE I DIVERGENE N

CONTABILITATEA ACTIVELOR

INTANGIBILE N CONTEXTULGLOBALIZRII SCHIMBURILOR I

TRANSNAIONALIZRII

COMPANIILOR

Conf. univ. dr. Victoria FIRESCUUniversitatea din Piteti

Abstract

Tratamentul contabil al activelor intangibileeste departe de a fi acceptat i definit n economiabazat pe cunotine.Recunoaterea i evaluareamrcilor de comer generate intern sunt un aspect

nerezolvat de reglementrile contabile n contextulfenomenului de transnaionalizare.Pe de alt parte,

fondul comercial rezidual nu poate reflecta capitalulintelectual i cunotinele companiei care optimizeaz

i creazvaloare durabil. Pentru a preveni alterareacomparabilitii situaiilor financiare ale companiilor,se recomand ca analitii financiari s ia nconsideraie fondul comercial economic n

determinarea performanei economice a entitii i nufondul comercial conform reglementrilor contanbile.

CUVINTE CHEIE: active intangibile,evaluare,capital intelectual, globalizare

INTRODUCERE

Bogia i puterea n secolul XXI vordecurge cu prioritate din resurseleintelectuale intangibile, din capitalul decunotine. Cunotinele tind s devincaracteristica principal a numeroaseactiviti, mai mult dect produsele sauserviciile rezultate.n prezent ne aflm n

primele faze ale revoluiei cunotinelor alcrei rezultat l constituie economia bazatpecunotine.n plan economic, cunotinele

devin elemental esenial al obinerii unei

CONVERGENCES AND

DIVERGENCES IN ACCOUNTING FOR

INTANGIBLE ASSETS IN THECONTEXT OF GLOBALIZATION OF

EXCHANGES AND

TRANSNATIONALIZATION OF

COMPANIES

Assoc. Prof. PhD Victoria FIRESCUUniversitatea din Piteti

Abstract

The current accounting treatment ofintangible assets is far from being generally acceptedand defined in the knowledge-based economy. Therecognition and evaluation of internally generatedtrademarks is an unsolved aspect of accountingregulations in the context of a transnationalizationphenomenon. On the other hand, residual goodwill

cannot reflect the intellectual capital and thecompany's knowledge which help optimize and create

durable value. To prevent an alteration of thecomparability of companies financial statements, it isrecommended that financial analysts take into accountthe economic goodwill based on entity economic

performance and not the accounting goodwill whichfollows accounting regulations.

KEY WORDS:Intangible assets, evaluation,intellectual capital, globalization

INTRODUCTION

Wealth and power in the 21stcenturyXXI will mainly result the intangible orintellectual assets, from the knowledgecapital. Knowledge tends to become the mainfeature of countless activities, even more thanthe resulted products or services. We arenowadays in the first stages of knowledgerevolution the result of which is theknowledge-based economy. On the economiclevel, knowledge becomes the fundamental

element of obtaining a high level of

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productiviti nalte i al competitivitiipentru firme, ramuri economice, economiinaionale i economia mondialn ansamblulsu. La nivelul firmei, cunotinele se

regsesc la fora de munc(capitalul uman),n cerinele i preferinele clienilor(capitalulclieni),n produsele, procesele, capabilitilei sistemele sale(capitalul structural). Caurmare, valoarea activelor de cunotine poatesdepeascsemnificativ valoarea activelortangibile. n valoarea de ansamblu a firmelormoderne, capitalul cunotine tinde s deino pondere din ce n ce mai mare. Deiintangibile, cunotinele personalului dincadrul firmelor, tehnologiile, know-how-ul

comercial, managerial, financiar etc. prezintvaloare. Cotrile la burs a firmelor deinformatic,de aparaturelectronicrenumitedemonstreazcvaloarea bursiera acestoraeste de zeci de ori mai mare dect valoareaactivelor tangibile deinute de acestea.Astfel,una dintre modalitile de manifestare acunotinelor ca factor de producie oreprezint firmele-reea a cror activitate sereduce la conceperea de afaceri, furnizarea de

proiecte de produse, la identificarea i

contactarea de fabricani de componente, deansamblatori de produse, de distribuitorietc.Putem anticipa c ntr-un viitor nu foartendeprtat , firmele vor lua n consideraie laevaluarea capitalului lor, cunotinele ca ocomponent distinct i adesea substanial.

Nu ntmpltor, ntreprinztorii firmeleafirm c vor cumpra afacerea X i nufabrica sau magazinul X. Este evident c eiau n vedere pe lngcapitalul tangibil si pecel intangibil.

TRATAMENTUL CONTABIL ALACTIVELOR INTANGIBILE

Cheltuielile de cercetare i dezvoltarepot fi capitalizate cu unele atenionri, chiardaclegislaia naionala stabilit reguli foartediferite n acest domeniu ca urmare a uneiimplementri difereniate. n raportul demanagement trebuie oferite, de asemenea,

informaii privind activitile de cercetare i

productivity and competitiveness forcompanies, economic branches, nationaleconomies and the world economy as awhole. At the level of the company,

knowledge can be found in themanpower/labour (human capital), into thecustomers requirements and preferences(client capital), and into its products,

processes, capabilities and systems (thestructural capital). Consequently, the value ofthe knowledge assets can significantly exceedthe value of the tangible assets.The knowledge capital tends to have an everincreasing weight into the total value of themodern companies. Although intangible, the

knowledge of the companys employees, itstechnologies, commercial, managerial andfinancial know-how, etc. is valuable. Thestock market quotations of reputedinformatics or electronic equipment provethat their stock exchange value is dozens oftimes higher than the value of their tangibleassets. For example, one of the means ofusing knowledge as a factor of production isrepresented by the network companies theactivity of which is reduced to business

developing, supplying product projects,identifying and contacting componentmanufacturers, assemblers, distributors, etc.We can anticipate that in not such a distantfuture companies will take into account theirknowledge as a separate and often substantialcomponent for the evaluation of their capital.It is not by mere coincidence that

enterprisers or companies state that they willpurchase business X, not plant or shop X. It isobvious that they take into account not onlythe tangible, but also the intangible capital.

ACCOUNTING TREATMENT OFINTANGIBLE ASSETS

The research and developmentexpenses can be capitalized with somecaveats, even though national law shave fixedquite different rules in this field as aconsequence of a differentiated

implementation. Information on research and

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dezvoltare. n msura n care cheltuielile deinstruire i de cercetare i dezvoltare, i, deasemenea, fondul comercial, nu au fostcomplet amortizate, nu va avea loc nicio

distribuire a profiturilor dect dac sumarezervelor disponibile pentru distribuire iprofiturilor reportate este cel puin egal cucheltuielile care nu au fost ncamortizate.Obiectivul IFRS 3 este sprescrietratamentul contabil pentru combinri dentreprinderi. n acestea, trebuie identificatntotdeauna compania achizitoare. Ocombinare de ntreprinderi trebuiecontabilizat prin metoda contabil aachiziiei. Conform acestei metode:

- Raportarea veniturilor trebuie s includrezultateleachiziiei din data achiziiei;- Bilanul trebuie sincludtoate activele i

pasivele identificabile ale achiziiei msuratela valoarea lor just i orice fond comercial

pozitiv sau negativ rezultat.Valorile juste ale activelor i pasivelor trebuiedeterminate n raport cu utilizarea acestora dectre achizitor. Fondul comercial provenit dinachiziie trebuie recunoscut ca activ i supusunui test de depreciere cel puin anual,

conform cerinelor IAS 36. n special, fondulcomercial trebuie depreciat dac valoareacomercial a acestuia depete valoarea sarecuperabil, ceea ce corespunde uneidiferene mai mari ntre valoarea sa just ivaloarea sa de utilizare.O noutate importantintrodusde IFRS 3 se referla recunoatereaactivelor necorporale n mod separat defondul comercial. Aceasta este cea maiimportant schimbare fcut n alocareacostului combinrii de ntreprinderi. Ea

prevede c activele necorporale trebuie sntruneasc dou criterii pentru a firecunoscute separat; n caz contrar, valoarealor trebuie inclusn fondul comercial.Aceste criterii sunt: Criteriile contractuale-legale: activul necorporal trebuie s provindintr-un contract sau din drepturi legale,indiferent dac acel contract sau dreptulrespectiv pot fi transferate separat de entitateaachiziionat, sau de alte drepturi i

obligaii; Criteriul de separare: dac activul

development activities should also be givenin the management report. In so far astraining and research and developmentexpenses, as well as goodwill, have not been

completely written off, no distribution ofprofits shall take place unless the amount ofthe reserves available for distribution and

profits brought forward is at least equal tothat of the expenses that have not yet beenwritten off.The objective of IFRS 3 is to prescribe theaccounting treatment for businesscombinations. In these, the acquiringcompany must always be identified. A

business combination should be accounted

for using the purchase method of accounting.Under this method: The income statement should incorporatethe results of the acquire from the date ofacquisition; The balance sheet should include all theidentifiable assets and liabilities of theacquire measured at their fair value, and any

positive or negative goodwill arising.The fair values of assets and liabilities should

be determined by reference to their intended

use by the acquirer. Goodwill arising on theacquisition should be recognized as an assetand subjected to an impairment test at leastannually, according to the requirements ofIAS 36. In particular, goodwill must beimpaired if its carrying amount exceeds itsrecoverable amount, which corresponds to thegreater between its fair value and its value inuse.An important innovation introduced by IFRS3 regards the separate recognition ofintangible assets apart from goodwill. This isthe most important change in allocating thecost of the business combination. It

prescribes that intangible assets have to meettwo criteria for their separate recognition;otherwise their value must be included in thegoodwill.These criteria are: The contractual-legal criteria: the intangibleasset has to arise from a contract or legal

rights, regardless if that contract, or that right,

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necorporal nu provine dintr-un contract saudintr-un drept legal, el poate fi recunoscutseparat de fondul comercial numai dacesteseparabil. Acest lucru nseamncel poate fi

divizat sau separat, de entitatea achiziionati poate fi vndut, schimbat, transferat saunchiriat. Chiar i atunci cnd un activnecorporal nu poate fi vndut, schimbat,transferat sau nchiriat individual, el trebuieconsiderat separabil dac poate face partedintr-o tranzacie mpreuncu un contract, unactiv sau un pasiv aferent. Pentru a sprijinicompaniile s aloe mai bine costulcombinrii de ntreprinderi, IFRS 3 ofer olist de exemple de active necorporale care

ntrunesc aceste dou criterii i din aceastcauz sunt contabilizate ca activ separat defondul comercial. Acest ndrumar identificcinci categorii de active necorporale:- Active necorporale legate de pia;- Active necorporale legate de clieni;- Active necorporale din domeniul artistic;- Active necorporale de naturcontractual;- Active necorporale de naturtehnologic.Trebuie remarcat c aceasta nu este oclasificare cuprinztoare, i nici una

obligatorie.Companiile pot porni, aadar, dela aceastclasificare sugerat, sau o pot folosin mod difereniat. Ca i fondul comercial,activele necorporale provenite dintr-ocombinare de ntreprinderi (i alocareacostului aferent) trebuie testate cel puin odat pe an pentru depreciere.Obiectivulstandardului IAS 38 este s prescrietratamentul contabil pentru active necorporalecare nu sunt reglementate n mod specific nalt IAS. Standardul impune ca o ntreprinderes recunoasc un activ necorporal dac, inumai dacsunt ntrunite anumite criterii. Deasemenea, standardul specificmodul n caretrebuie msuratvaloarea contabilactivelornecorporale i impune anumite dezvluiri.Unactiv necorporal este un activ identificabil,nemonetar, frsuport material. Un activ esteo resurscare este controlatde ntreprindereca rezultat al unor evenimente anterioare (deexemplu, cumprarea sau crearea proprie) i

de pe urma crora se preconizeaz beneficii

can be transferred separately from the entityacquired, or from other rights andobligations; The separation criteria: if the intangible

asset does not arise from a contract or from alegal right, it can be recognized apart fromgoodwill only if it is separable. This meansthat it can be divided, or separated, by theacquired entity and can be sold, exchanged,transferred or rented. Even when anintangible asset cannot be sold, transferred,exchanged, or rented individually; it is to beconsidered separable if it can be part of atransaction together with a related contract,asset or liability. To help companies to better

allocate the cost of the business combination,IFRS 3 gives a list of examples of intangibleassets that meet these two criteria and aretherefore accounted for as an asset apart fromgoodwill. This guidance identifies fivecategories of intangible assets: Market-related intangible assets; Customer-related intangible assets; Artistic-related intangible assets; Contract-related intangible assets; Technology-related intangible assets.

It should be noted that this is neither anexhaustive nor a compulsory classification.This implies that companies can depart fromthis suggested classification, or use it in adifferentiated way. Like goodwill, thoseintangible assets arising from a businesscombination (and the allocation of the relatedcost) must be tested for impairment at leastannually.The objective of IAS 38 is to prescribe theaccounting treatment for intangible assets thatare not dealt with specifically in another IAS.The Standard requires an enterprise torecognize an intangible asset if, and only if,certain criteria are met. The Standard alsospecifies how to measure the carrying amountof intangible assets and requires certaindisclosures thereon. An intangible asset is anidentifiable, non-monetary asset, without

physical substance. An asset is a resource thatis controlled by the enterprise as a result of

past events (for example, purchase or self-

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economice viitoare (afluxuri de numerar saualte active). Astfel, cele trei atribute

principale ale unui activ necorporal sunt:- identificabil;- Controlul;- beneficii economice viitoare.

Standardul dexemple de active necorporaleposibile pentru scopuri contabile, care includprograme informatice, drepturi de autor alepatentelor, filme, liste de clieni, drepturi dinprestrii de servicii ipotecare, licene, cote deimport, francize, drepturi din relaii cu clieniii furnizorii i drepturi de marketing. IAS 38impune recunoaterea unui activ necorporal,fie el cumprat sau generat (la cost), de ctre

o ntreprindere, daci numai dac:- Este probabil ca ntreprinderea s obin

beneficiile economice viitoare care pot fiatribuite activului;- Costul activului poate fi msurat n modcorect.Aceast cerin se aplic indiferent dac unactiv necorporal este achiziionat din exteriorsau generat n interior. IAS 38 include criteriisuplimentare de recunoatere pentru activelenecorporale generate n interior. Dacun bun

necorporal nu ntrunete i definiia, icriteriile de recunoatere ca activ necorporal,IAS 38 impune recunoaterea cheltuieliiaferente acestui bun drept cheltuial atuncicnd aceasta este efectuat. Standardulinterzice, de asemenea, unei ntreprinderi sreinstituie drept activ necorporal, la o datulterioar, o cheltuial care a fost iniialtrecutla cheltuieli. Activele necorporale suntiniial msurate la cost. n ceea ce privetecercetarea i dezvoltarea, IAS 38 impune cafirmele:

- S nregistreze toate costurile decercetare la cheltuieli;

- costurile de dezvoltare suntcapitalizate numai dup ce a foststabilit fezabilitatea tehnic icomercial a activului care trebuievndut sau utilizat.

Cu alte cuvinte, ntreprinderea trebuie sintenioneze, i s fie capabil s finalizeze

activul necorporal i fie sl utilizeze, fie sl

creation) and from which future economicbenefits (inflows of cash or other assets) areexpected. Thus, the three critical attributes ofan intangible asset are:

Identifiably; Control; Future economic benefits.The Standard sets out examples of possibleintangible assets for accounting purposes,which include computer software, patentscopyrights, motion picture films, customerlists, mortgage servicing rights, licenses,import quotas, franchises, customer andsupplier relationships and marketing rights.IAS 38 requires an enterprise to recognize an

intangible asset, whether purchased or self-created (at cost), if and only if: It is probable that the future economic

benefits that are attributable to the asset willflow to the enterprise; The cost of the asset can be measuredreliably.This requirement applies whether anintangible asset is acquired externally orgenerated internally. IAS 38 includesadditional recognition criteria for internally

generated intangible assets. If an intangibleitem does not meet both the definition of andthe criteria for recognition as an intangibleasset, IAS 38 requires the expenditure on thisitem to be recognized as an expense when itis incurred. The Standard also prohibits anenterprise from subsequently reinstating as anintangible asset, at a later date, anexpenditure that was originally charged toexpense. Intangible assets are initiallymeasured at cost. In relation to research anddevelopment, IAS 38 requires that firms:

Charge all research costs to expense; Development costs are capitalized only afterthe technical and commercial feasibility ofthe asset for sale or use, have beenestablished.This means that the enterprise must intend,and be able to complete the intangible assetand either use it, or sell it, as well as being

able to demonstrate how the asset will

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vnd, i, de asemenea, s fie capabil sdemonstreze modul n care activul va genera

beneficii economice viitoare. Mrcilecomerciale, mrcile de succes, titlurile

publicitare, listele de clieni i bunurileasemntoare care sunt generate n interiorulfirmelor nu trebuie recunoscute ca active.Urmtoarele bunuri trebuie trecute lacheltuieli: fondul comercial generat intern,costurile iniiale i premergtoare deschiderii,costurile de instruire, costurile publicitare icosturile de relocare. Un activ necorporal artrebui amortizat, n general, conform celeimai bune estimri privind durata sa de viautil. Valoarea contabil a activelor

necorporale cu o durat de via utilnedefinit (de exemplu mrcile) ar trebuisupuse, n schimb, unui test de depreciere -conform cerinelor IAS 36 anual, sau ori decte ori existun indiciu de depreciere. Duprecunoaterea iniial, tratamentul de bazeste acela c activele necorporale trebuienregistrat la costuri, minus orice amortizarei pierderi din depreciere. Tratamentulalternativ permis prevede posibilitateanregistrrii anumitor active necorporale la o

valoare reevaluat (bazatpe valoarea just),minus orice amortizare ulterioar i pierderidin depreciere. Reevaluarea este permisnumai dac valoarea just poate fideterminatprin referinla o piaactiv. Seestimeazcasemenea piee sunt rare pentruactivele necorporale, aadar, probabil c ireevalurile vor fi rare. Exemplele citate

privind locurile n care acestea ar putea existainclud cotele de lapte, locurile de la bursa devalori, i alocarea de medalioane de taxiuri(cantitatea de taxiuri de pe strad).Pe scurt,IAS 38 este un standard de contabilitaterestrictiv care ar duce la amortizarea imediata majoritii activelor necorporale generateintern. Acest standard codific abordareacontabiltradiional care definete un activn aa fel nct sexcludactivele care nu

pot fi legate direct de un flux de ncasri.Standardul nu ia n considerare naturaatributelor economice ale diferitelor tipuri de

investiie necorporal i posibila relevan a

generate future economic benefits.Brands, mastheads, publishing titles,customer lists and items similar in substancethat are internally generated should not be

recognized as assets. The following itemsmust be expensed: internally generatedgoodwill, start-up, pre-opening, and pre-operating costs, training costs, advertisingcosts and relocation costs. An intangible assetshould generally be amortized over the bestestimate of its useful life. The carryingamount of intangible assets with an indefinitelife (e.g. brands) should instead be subject toan impairment test - according to therequirements of IAS 36 annually, or

whenever there is an impairment indication.After initial recognition, the benchmarktreatment is that intangible assets should becarried at cost, less any amortization andimpairment losses. The allowed alternativetreatment is that certain intangible assets may

be carried at a revalued amount (based on fairvalue), less any subsequent amortization andimpairment losses. Revaluation is permittedonly if fair value can be determined byreference to an active market. Such markets

are expected to be rare for intangible assets sorevaluations are therefore likely to be rare.Examples cited where they might existinclude milk quotas, stock exchange seats,and taxi medallions.In summary, IAS 38 is a restrictiveaccounting standard which would lead tomost internally generated intangible assets

being immediately expensed. This Standardcodifies the traditional accounting approachwhich defines an asset in such a way as toexclude assets that cannot be directlylinked to a revenue stream. The Standarddoes not consider the nature of the economicattributes across the different types ofintangible investment and the potentialrelevance of this information to the firmsstakeholders.

Possibilities and limitations of theevaluation of the evaluation of intangible

assets

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acestor informaii persoanele interesate dincadrul firmelor.

Posibilitati si limite in evaluarea activelor

necorporale-intangibile in contextulstandardelor internationale decontabilitate

Cu toate cn literatura de specialitatese ntlnesc distinct att termenul de capitalintelectual ct i cel de active necorporale,amndou fac referin la ansamblulcunotinelor, abilitilor, competeneloracumulate de o ntreprindere a crorexploatare genereazprofituri pentru firm.

n aceast er a informaiei itehnologiei, capitalul intelectual deine o

pondere din ce n ce mai mare n ansamblulactivelor deinute de ctre ntreprindere.Obiectivul tradiional al ntreprinderii privindrealizarea de economii de scal la nivelulactivitii desfurate este completat sau chiarsubstituit de acela privind economia de reea(Lev, 2001). Astfel, profitul ntreprinderiieste n primul rnd rezultatul relaiilor pe carefirma le cultiv cu salariaii, furnizorii,

clienii i chiar cu competitorii si. n acestecondiii, managementul firmelor i-adirecionat eforturile pentru crearea idezvoltarea de active necorporale care ssusin acest proces de inovare prin:realizarea de cheltuieli de cercetare-dezvoltare, alocarea de resurse pentruinstruirea salariailor etc. Ca rezultat,valoarea de pia a ntreprinderii este din cen ce mai mult influenat de activelenecorporale pe care aceasta le deine (vezifigura nr. 1)

Estimarea activelor necorporale cuajutorul indicatorilor care reflectmodalitatea prin care este generatvaloare pentru acionari

Element al capitalului intelectual,capitalul uman este reprezentat de sumacunotinelor, abilitilor, calitilor

angajailor unei ntreprinderi, precum i de

Although in the specialized literatureboth the distinctive notion of intellectualcapital as well as that of intangible assets can

be found, they both refer to the knowledge,abilities, competences acquired by thecompany, the exploitation of which bring

profit to the company.In this age of information and

technology, the intellectual capital has anever increasing weight in the total assetsowned by a company. The companystraditional objective concerning large-scalesavings at the level of the performed activityis completed with or even substituted by the

objective related to the network economy(Baruch, 2001). Consequently, the profit ofthe company is, first of all, the result of therelationships the company cultivates with itsemployees, suppliers, customers or clients,and even with its competitors.In these circumstances, the companymanagement direct their efforts towards thecreation and development of intangible assetsthat should support this innovative process

by: spending money on research and

development, allotting resources for theemployees training, etc. As a result, themarket value of a company is increasinglyinfluenced by the intangible assets owned bythe respective company (see figure 1).

The valuation/measurement of intangibleassets with the help of the indicators thatreflect the way they create value for theshareholders

An element of the intellectual capital,the human capital is represented by the sumof the knowledge, ability and qualities of theemployees of a company, as well as by theculture, values and principles developedwithin that company.In what the structural capital is concerned, itincludes the whole complex of data bases,soft, organization structures, trademarks,

patents, as well as other factors and assets

supporting the productivity of the employees

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cultura, setul de valori, principiile dezvoltaten cadrul firmei. n ceea ce privetecapitalulstructural, acesta cuprinde ansamblul bazelorde date, soft-urilor, structurilor

organizatorice, mrcilor, brevetelor precum ia altor factori, active ce susin productivitateaangajailor ntreprinderii. Astfel, capitalulstructural este format din capitalul reprezentatde baza de clieni i capitalul organizaionalal ntreprinderii, acesta din urm fiindconstituit din capitalul de inovaii (proprietateintelectual, alte active intelectuale) de carentreprinderea dispune i capitalul investit ncadrul proceselor de producie. Valoareaacestor forme de capital prezentate n cadrul

figurii nr. 1 se dovedete ns dificil deestimat, n acest sens fiind dezvoltai maimuli indicatori de msurare.

Figura 1

Astfel, Karl-Erik Sveiby (2003)propune realizarea unui sistem demonitorizare a activelor necorporale deinutede ctre o firm cu ajutorul unor indicatoricare difern funcie de strategia adoptatde

ctre ntreprindere.

Tabelul 1

Acest sistem de monitorizare aactivelor necorporale propus de ctre Karl-Erik Sveiby a fost aplicat de mai multe firmesuedeze, Celemi fiind una dintre acestea.Problema evalurii capitalului intelectual nueste ns rezolvat din cauza lipseistandardizrii majoritii indicatorilor creain acest scop. Aceti indicatori non-financiari(calitativi) de msurare a performanelorntreprinderii sunt de regul rezultatul unuistudiu realizat pe cazul unei ntreprinderi,sector de activitate sau economii, fiindinfluenai de caracteristicile eantionuluianalizat. Crearea unui sistem de msurare afactorilor calitativi de performan unitar

pentru ansamblul de firme din cadrul unuisector de activitate sau al unei economii

presupune disponibilitatea informaiilor

of the company.For instance, the structural capital iscomposed of the capital represented by theclients portfolio and the organizational

capital of the company, the latter beingcomposed of the companys innovationcapital (intellectual property, otherintellectual assets) and the capital invested inthe production processes. The value of theseforms of capital presented in figure 1 se

proves to be difficult to measure, however,and several measurement indicators aredeveloped for this purpose.

Figure 1

In this example, Karl-Erik Sveiby(2003) proposes the development of a systemmonitoring the intangible assets of a companywith the help of several indicators differingfunction of the strategy adopted by thecompany.

Table 1

This system of monitoring intangible

assets proposed by Karl-Erik Sveiby wasapplied by several Swedish companies, oneof which is Celemi. The problem of themeasurement of the intellectual capital is notsolved, however, due to the lack ofstandardization of most of the indicatorsespecially developed for this purpose. Thesenon-financial (quality) indicators used for themeasurement of the performance of thecompany are usually the result of a company,

business segment or economy case study, andthey are influenced by the characteristics ofthe analyzed sample.The development of a sole new system ofmeasuring the performance quality factors forall the companies in a business segment of inan economy implies disposing ofstandardized information related to thesequality factors. In the absence of thisinformation this approach remains purelytheoretical.

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standardizate privind aceti factori calitativi.Lipsa acestor informaii face acest demers purteoretic.

2.2. Metodele de evaluare a activelornecorporale

Conform IAS 38, activele necorporalesunt active identificabil non monetar, frsuport material deinut pentru utilizare n

procesul de producie sau furnizare de bunurisau servicii, pentru a fi nchiriat altora sau

pentru motive administrative. Aceastcaracteristic le face dificil de identificat imai ales de evaluat.Cu toate acestea, n

lucrarea lor Valuing Intangible Assets, R.F.Reilly i R.P. Schweihs au identificat 107tipuri de active necorporale. n lucrarea saMethods for Measuring Intangible Assets,Karl Sveiby propune o grupare a metodelorde evaluare a activelor necorporale ntlniten practic n: metode directe de estimare acapitalului intelectual, metode de estimare

bazate pe capitalizarea bursier, metode deestimare bazate pe randamentul activelor,metode de estimare bazate pe tabloul de

bord. Direct Intellectual CapitalMethods(DIC)presupun evaluarea activelornecorporale ale ntreprinderii prinidentificarea fiecrei componente. Acesteacomponente sunt evaluate n mod individual,sau sub forma unui coeficient agregatMarket CapitalisationMethods(MCM)evalueaz activelornecorporale ale firmei ca diferena dintrecapitalizarea bursier a ntreprinderii ivaloarea contabil a capitalurilor proprii.Return on Assets Methods (ROA)determin randamentul activelor firmei pecare l compar cu randamentul mediucaracteristic sectorului de activitate. Profitul

pe care firma l obine din deinerea activelornecorporale este estimat multiplicnddiferena dintre cele dou rate cu valoareaactivelor ntreprinderii. Valoarea prezent atuturor acestor profituri viitoare reprezintvaloarea activelor necorporale deinute de

ctre aceasta. Scorecard Methods (SC) sunt

2.2. Methods of evaluating intangibleassets

According to IAS 38, intangible assets are

identifiable non-monetary assets, withoutphysical substance held for use in theproduction process or supply of goods orservices, for rental to others or foradministration purposes. This feature makesthem difficult to identify and especially toevaluate. However, R.F. Reilly and R.P.Schweih have identified, in their paperentitled Valuing Intangible Assets, 107 typesof intangible assets.

Karl Sveiby proposes, in his paper entitledMethods for Measuring Intangible Assets,grouping the methods of measuringintangible assets found into practice in: directintellectual capital methods, marketcapitalization methods, return on assetmethods, scorecard methods. Direct Intellectual Capital Methods(DIC) implies evaluatingthe intangible assetsof a company by identifying each component.These components are evaluated either

individually or as an aggregated coefficient. Market Capitalisation Methods (MCM)evaluatethe intangible assets of a company asthe difference between the companys marketcapitalization and its stockholders equity, Return on Assets Methods (ROA)calculates the companys asset turnover andcompare it to the average turnover of therelated business segment/industry. The profitearned by a company from holding intangibleassets is assessed by multiplying thedifference between the two ratios by thevalue of the companys assets. The currentvalue of all these future incomes representsthe value of the companys intangible assets. Scorecard Methods (SC) are usually usedwith the purpose of identifying the

performance quality factors and for thecalculation of certain indicators used tomeasure them. These indicators are mostlyused for medium and long term company

management, not for the assessment of the

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utilizate cel mai adesea pentru identificareafactorilor calitativi de performani calcululunor indicatori de msurarea a acestora.Aceti indicatori sunt utilizai mai mult n

scopul gestiunii pe termen mediu i lung antreprinderii i nu pentru estimarea valoriiactivelor necorporale deinute de ctreaceasta. Metodele ROA si MCM sunt foarteutile n evalurile realizate cu ocaziafuziunilor i/sau achiziiilor, respectiv nestimarea valorii de pia a aciunilor.Principalul lor dezavantaj vine tocmai dinncercarea de cuantificare a tuturor factorilorde performan (calitativi i cantitativi) nvaloarea ntreprinderii. Ca urmare, estimrile

realizate prin intermediul acestor metodedepind foarte mult de ipotezele avute privindnivelul costului de oportunitate i nu au nicio relevan n cazul organizaiilor non-profitsau al celor din sectorul public. O categorieaparte este reprezentat de acele activenecorporale a cror existen este protejatlegal, cum ar fi cazul celor de natura

proprietii intelectuale: brevete de invenie,inovaii, reete, proiecte, modele, programeinformatice, know-how, mrci de fabric i

de produs, drepturi de autor, contracte defranchiz i de licen etc. Recunoaterea i

protecia lor legal reprezint un avantajcompetitiv pentru ntreprinderea care ledeine, analiza crerii de valoare pentruacionarii ntreprinderii realizndu-se dinaceast perspectiv. Aceste active sunt, ngeneral, rezultatul programelor de cercetare-dezvoltare realizate de ntreprindere. ns, nutoate cheltuielile de cercetare-dezvoltarerealizate de ctre ntreprindere au cafinalitate generarea de beneficii viitoare.Apare astfel problema estimrii plusului devaloare adus de aceste cheltuielintreprinderii.

Activitatea de cercetare-dezvoltarepresupune n general dou faze: faza degenerare cunotine, respectiv faza de transfera cunotinelor (Baglieri, 1997). Crearea devaloare la nivelul ntreprinderii va avea locdoar n condiiile n care progresul tehnologic

generat n cadrul primei faze i gsete i o

value of its intangible assets.The ROA and MCM methods are very usefulin the evaluations performed on the occasionof merger and/or acquisitions, respectively

for the stock market valuations Their maindisadvantage results right from the attempt ofquantifying all the performance factors (thequality and quantity ones) in the value of thecompany, the consequence being that theestimations performed with the help of thesemethods largely depend on thehypotheses/assumptions related to theopportunity costs and are irrelevant in thecase of non-profit organizations or in the caseof organizations in the public sector.

A distinctive category is represented by thoseintangible assets the existence of which islegally protected, such as the intellectual

property: invention or innovation patents,recipes, industrial designs, utility models,computer software, know-how, brands andtrademarks, copyright, franchise andlicensing agreements, etc. Theiracknowledgement and legal protectionrepresent a competitive advantage for thecompany that owns them, and the analysis of

the value creation for the shareholders of thecompany is performed from this perspective.These assets are generally the result of theresearch and development programsconceived by the company. However, not allresearch and development expenditures made

by the company may result in the generationof future benefits. Thus the problem ofevaluating the surplus value brought by theseexpenses to the company is raised.

The research and development activitygenerally implies two stages: the stage ofgenerating knowledge, and the stage will take

place if the technological progress generatedduring the first stage will also becomeapplicable by the implementation of thisknowledge into the products or services made

by the company or into its productionprocesses. The transfer of the knowledgegenerated within the research process into the

products or the production processes of the

company is neither simultaneous nor

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aplicabilitate prin nglobarea cunotinelor nprodusele, serviciile realizate de ntreprinderesau procesele sale de producie. Transferulcunotinelor generate n cadrul procesului de

cercetare n produsele sau procesele deproducie ale ntreprinderii nu este simultan inici complet. In anumite situaii acest transfernu poate avea loc, singura modalitate devalorificare a acestor cunotine obinute dectre ntreprindere fiind vnzarea lor subform de know-how. In estimarea valorii

proiectelor de cercetare-dezvoltare aflate nfaza de generare sau transfer a cunotinelor ,se apeleaza , n general, la metode deevaluare bazate pe cost care consta in

determinarea costului total necesar recreeriitehnologiei(art.54 si 55 din IAS 38). Suntluate n considerare ansamblul costurilorimplicate de derularea cercetrii: costurilesalariale ale celor care participn mod directla elaborarea tehnologiei; cheltuieli curentereprezentate de achiziiile de materiale,componente, serviciile furnizate de terinecesare pentru elaborarea tehnologiei; costul

prototipurilor executate n afara ntreprinderiinecesare pentru recrearea tehnologiei etc.

Estimarea valorii proiectelor de cercetare dinperspectiva profiturilor viitoare pe careacestea le-ar putea genera pentruntreprindere este dificila. Din perspectivadeciziei de investitiei a managementului,

pentru estimarea valorii proiectelor decercetare dezvoltare se poate apela latehnicile dezvoltate pentru evaluareaoptiunilor reale.

Proiectele de cercetare-dezvoltareconcretizate n active de necorporale degenul: brevete de invenie, programeinformatice, know-how, mrci de fabric ide produs, drepturi de autor etc. sunt evaluatelund n considerare plusul de profit saueconomiile de costuri ce pot fi obinute dectre ntreprindere.De exemplu, brevetele deinvestiii pot fi evaluate lund n considerareeconomia de redevenpe care firma care ledeine o obine. Metoda de evaluare aactivelor necorporale pe baza economiei de

redevensau de alte costuri (pentru atragerea

complete. In some cases this transfer cannottake place, and the only way of turning thisknowledge obtained by the company toaccount remains selling it as know-how.

For the estimation of the value of theresearch and development projects that are in

the knowledge generation of transfer stage,evaluation methods based on cost aregenerally used that consist in estimating thetotal cost necessary for the recreation of thetechnology (articles 54 and 55 of IAS 38).All the costs implied by the research

performance are taken into account: the wagecosts with those who are directly involvedinto the technology development; running

expenditures representing the raw materialand component purchase, the servicessupplied by third parties that are necessaryfor the technology development; the cost ofthe prototypes made outside the company thatare necessary to recreate the technology, etc.The evaluation of the research projects from

the perspective of future profit they mightgenerate for the company is difficult. Fromthe perspective of the managements decisionto invest, the techniques developed for the

evaluation of the actual options can be usedwith the purpose of assessing the value of theresearch and development projects.

The research and development projectsresulting in intangible assets like: invention

patents, computer software know-how, brandand trademarks, copyright, etc. are evaluated

by taking into account the surplus value orthe cost savings that can be obtained by thecompany. For example, the invention patentscan be evaluated by taking into account theroyalty savings obtained by the company thatowns these patents. The method of evaluatingthe intangible assets on the basis of theroyalty savings or other cost savings (made inorder to attract new clients, to keep the keystaff, for advertising, financing, personneltraining, etc.) can also be used in the case oftrademarks, lists of clients, labouragreements, non-competition agreements,assets like favourable financing conditions,

skilled labour, etc.

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de noi clieni, pentru meninerea personaluluicheie, de publicitate, de finanare, cuinstruirea angajailor etc.) poate fi folositin cazul mrcilor comerciale, listelor de

clieni, contractelor de munc, acordurilor deneconcuren, activelor de natura condiiilorfavorabile de finanare, forei de munccalificate etc.

RAPORTAREA CAPITALULUIINTELECTUAL

Modelul contabil tradiional sebazeaz pe principiul costului istoric i dinacest motiv, doar o gam foarte mic de

active necorporale este inclus n situaiilefinanciare. Prin oferirea unui raport privindevenimentele din trecut, conturile analiticeale costurilor istorice ofer un punct de

plecare util pentru estimarea performaneiunei ntreprinderi, totui, n absena unorinformaii privind perspectivele, imagineaoferit de acestea este incomplet.DeiCapitalul intelectualeste motorul nevzut alEconomiei Bazate de Cunoatere, din cauzafaptului c acesta nu este inclus n modelul

tradiional de contabilitate, el este ignorat nmare parte n procesul de luare a deciziilor

pentru investiii n Cercetare i dezvoltare.Crearea unei transparene mai mari n

procesul de identificare i raportareaCapitalului Intelectual poate mbunticalitatea dialogului dintre investitori intreprinderile cu cercetare intensiv, precumi procesul intern de gestionare a alocriiresurselor i poate spori finanele disponibile

pentru efectuarea Cercetrii, Dezvoltrii iInovaiei.Capitalul Intelectual joac un rolvital n crearea valorii prin Cercetare idezvoltare. Dei a fost dezvoltat o vastgam de msuri de msurare i raportare aCapitalului Intelectual n ultimul deceniu, nspecial n scopuri manageriale interne,

preluarea acestora n companii este destul desczut. Articularea valorii Capitalului

Intelectual este problematic i din acestmotiv, atragerea de capital pentru investiii n

capital este mult mai dificil de realizat dect

INTELLECTUAL CAPITAL REPORT

The traditional accounting model is

based on the principle of historic cost and forthis reason, only a very narrow range ofintangibles is included within financialstatements. In providing a record of what hashappened in the past, historic cost accounts

provide a useful starting point in assessingthe performance of a business however,without forward looking information, the

picture that they provide is incomplete.

Although Intellectual Capital is the hidden

driver of the Knowledge-based Economy,because it is not included in the traditionalaccounting model it is mostly ignored in thedecision-making process for investments in

Research and Development.

Creating greater transparency in the processof identifying and reporting IntellectualCapital can improve the quality of thedialogue between investors and research-intensive enterprises, as well the internal

process of managing resource allocation and

augment the finance available to carry outResearch, Development and Innovation.Intellectual Capital plays a vital role in thecreation of value through Research and

Development. Although a wide range ofmethods for measuring and reportingIntellectual Capital have been developedduring the last decade, especially for internalmanagerial purposes, the take up incompanies is still quite low. Articulating thevalue of Intellectual Capital is problematicand therefore attracting capital forinvestments in it is much harder to achievethan doing so for investments in tangibleassets. Investors are reluctant to invest in

Intellectual Capital because of its inherenthigh-risk nature.

Since Intellectual Capital is now themain driver of value creation and growth, thisnegative investment bias is seen as harmful,

particularly for research-intensive and

innovative enterprises. By improving

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cea de fonduri pentru investiii n activecorporale. Investitorii ezit s investeasc nCapital Intelectualdin cauza riscului ridicatinerent care l caracterizeaz.

Avnd n vedere c acum CapitalulIntelectual este principalul motor al creriivalorii i creterii, aceast tendinnegativ

privind investiiile este consideratduntoare, n special pentru ntreprinderilecu cercetare intensiv i inovatoare. Prinmbuntirea transparenei, CapitalulIntelectual poate ntri cazul ntreprinderii

pentru Cercetare i dezvoltare n doumoduri: n primul rnd, Raportarea Capitalului

Intelectual poate ajuta ntreprinderile cucercetare intensiv s i mbunteascnelegerea privind constelaia de valori aCercetrii i Dezvoltri, motoarele creriivalorii i rolul important al activelorcomplementare, mbuntind astfel calitateacazului afacerii. Acest lucru transformmanagementul activelor necorporale alentreprinderilor cu cercetare intensiv ntr-unexerciiu contient i deliberat. Impactulasupra managementului intern al

ntreprinderilor cu cercetare intensiv, iasupra capacitii acesteia de a atrage resurserelevante este foarte important ntr-oeconomie necorporal n care ntrebarea ceeste managementul cu adevrat este ncrelativ necunoscut. Situaia Capitalului

Intelectual poate spori profesionalismulabordrii gestionrii afacerii de ctrentreprinderile cu cercetare intensiv.Procesul de elaborare a unei Situaii aCapitalului Intelectual se dovedete a fiadesea o experien de nvate foartefructuoas pentru managementulntreprinderilor cu cercetare intensiv, careajut compania s armonizeze diferiteleopinii privind ntreprinderea care ar puteaexista n cadrul su.

Figura 2

n al doilea rnd, Raportarea Capitalului

Intelectual poate ajuta la mbuntirea

transparency, Intellectual Capital canstrengthen the business case forResearch and

Developmentin two ways: First, Intellectual Capital Reporting can

help research-intensive enterprises toimprove their understanding of the valueconstellation of Research and Development.,the drivers of value creation and theimportant role of complementary assets, thusimproving the quality of the business case. Itmakes the management of the research-intensive enterprises intangibles a consciousand deliberate exercise. The impact on theinternal management of the research intensiveenterprises, and on its ability to attract

relevant resources, is very important in anintangible economy where the question ofwhat management really is, is still relativelyunknown.

TheIntellectual Capital Statementcan makeresearch intensive enterprises more

professional in their approach to managingthe business. The process of creating an

Intellectual Capital Statementoften proves tobe a very fruitful learning experience for the

management of research intensiveenterprises, one that also helps the companyto align various views on the enterprise thatmight exist within itself.

Figure 2

Second, Intellectual Capital Reportingcanhelp improve the dialogue between investorsand investees, improving the cogency of the

business case for Research and Developmentand thereby improving access to finance. Itcommunicates revealing information aboutthe enterprises intangible resources: Itcontributes to transparency in the businessmodel and it provides information about theactivities of research-intensive enterprises todevelop and exploit them. In this way, the

Intellectual Capital Statement makescomplex resources, such as competencies andrelationships visible.

Through its function as a communication

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dialogului dintre investitori i companiile ncare este fcut investiia, mbuntind

puterea de convingere a cazului afaceriipentru Cercetare i dezvoltare i

mbuntind astfel accesul la finane. Eacomunic informaii relevante privindresursele necorporale ale ntreprinderii: Eacontribuie la transparen n modelul deafaceri i ofer informaii privind activitilentreprinderilor cu cercetare intensiv pentrudezvoltarea i exploatarea acestora. n acestfel, Situaia Capitalului Intelectualevideniaz resurse complexe, cum ar ficompetenele i relaiile.Prin intermediulfunciei sale de instrument de comunicare, o

Situaie a Capitalului Intelectual abordeazn mod direct problema eecului de pia n

pieele de capital pentru ntreprinderile cucercetare intensiv. Totui, procesul deelaborare a unei Situaii a Capitalului

Intelectual va ajuta managementul sneleagmai bine propria sa afacere, ceea ceva ajuta, de asemenea, la mbuntireadialogului managementului cu investitorii.Aceastcontribuie indirecta unei Situaii aCapitalului Intelectual este la fel de

important ca i contribuia direct aacesteia.Firmele care i gestioneaz iraporteaz Capitalul Intelectual respect, deobicei, o procedur mprit n trei etapeaferente neliniare:- Identificarea activelor necorporale; n carecompaniile i definesc viziunea i misiuneai identific principalele active necorporale

pe care mizeaz i, eventual, cele care lelipsesc i pe care trebuie s le achiziionezesau sle dezvolte.- Msurarea; n care sunt construii indicatorifinanciari i nefinanciari specifici pentrumsurarea fiecrui activ necorporal.Indicatorii sunt comparai cu un set decaracteristici pentru asigura caracterul util iadecvat al exerciiului analizrii unui Capital

Intelectual.- Aciunea; n care compania integreazsistemul de gestionare a activelor necorporalen cadrul celorlalte practici obinuite de

management.

tool, an Intellectual Capital Statementdirectly tackles the problem of market failurein the capital markets for research intensiveenterprises. However, the process of creating

an Intellectual Capital Statement will helpmanagement to better understand its ownbusiness, which in turn will help to improvetheir dialogue with investors. This indirectcontribution of an Intellectual CapitalStatement is just as important as its directcontribution.Firms that manage and report on their

Intellectual Capital usually follow aprocedure that can be split into three non-linear, related phases:

Identification of intangibles; wherecompanies define their vision and missionand identify the main intangibles they counton and, eventually, those they lack and haveto acquire ordevelop.Measurement; where specific financial andnon financial indicators are built as a proxymeasure of each intangible asset. Theindicators are checked against a set ofcharacteristics to make sure that the exerciseof an Intellectual Capital analysis is

worthwhile and appropriate. Action; where the company integrates theintangibles management system within therest of the managementroutines.Going back to the interesting contrast that has

been documented between northern andsouthern EU countries (Chaminade andJohansson, 2003), the following conclusionscould be drawn:Companies in the Nordic countries would

be expected to consider knowledge sharing asmore natural and co-operation more usual.They would not fear new managerialexperiments, such as those required inidentifying, managing and reportingIntellectual Capital and they would be keenerto have flexible frameworks (e.g. Guidancerather than Guidelines). Most companies in Mediterraneancountries may have to be educated on theimportance of knowledge sharingand would

be more comfortable with detailed

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Rentorcndu-ne la contrastul interesant carea fost documentat ntre rile UE din nord icele din sud (Chaminade i Johansson, 2003),

pot fi trase urmtoarele concluzii:

Companiile din rile nordice pot consideramprtirea de cunotine mai natural icooperarea mai obinuit. Ele nu se tem denoile experimente manageriale, cum ar fi celenecesare pentru identificarea, gestionarea iraportarea Capitalului Intelectual i sunt maidispuse s aib cadre flexibile (de exempluIndicaii mai degrabdect Directive). majoritatea companiilor din rilemediteraneene trebuie educate n ceea ce

privete importana mprtirii de cunotine

i prefer s primeasc instruciuni detaliate(de exemplu sub forma Directivelor cu ctevamodele gata de folosire) cu ajutorul croras implementeze Situaiile Capitalului

Intelectual. Acest exemplu dat de Skandia aavut o influen foarte pozitiv att asupraorganizaiilor ct i a autoritilorscandinave. n Italia, s serie de companii aunceput s i identifice, gestioneze iraporteze Capitalul Intelectual, cu sprijinulAcademiei, pentru uz intern, dar nu i n

rapoartele lor anuale. O excepie interesanteste Raportul Capitalului Necorporal pentru2004 publicat de Brembo Group11, carerecunoate c Raportul Capitalului

Necorporal este un instrument de raportarea activelor intelectuale ale Companiei i de

monitorizare a principalilor factori interni i

externi care genereaz valoare pentru

companie n timp . Totui, din parteacompaniilor franceze, a existat doar uninteres spasmodic n cea de-a doua parte aanilor 1990 n care puine companii auraportat Capitalul Intelectual.Austria este uncaz excepional deoarece legea publicat n2004 oblig universitile finanate dinfonduri publice s elaboreze unWissensbilanz (Cont al Cunotinelor),suplimentar la raportul existent, ca parte acontractului de finanate al acestora cuMinisterul din 2006. n consecin, acestsector are o obligaie de raportare mai mare

dect cea impus industriei. n Germania a

instructions (e.g. in the form of Guidelineswith some ready to use templates) withwhich to implement Intellectual CapitalStatements. The example set by Skandia had

a very positive influence on both theScandinavianIn Italy, a number of companies have startedto identify, manage and report their

Intellectual Capital, with support fromAcademia, for internal use but not in theirAnnual Reports. An interesting exception isthe Intangible Capital Report for 2004

published by the Brembo Group11, whichrecognizes that The Intangible Capital

Report is a tool for reporting on the

Companys intellectual assets and monitoringthe main internal and external factors that

generate value for the company over time.However, from the French business side,there has been only spasmodic interest duringthe second part of the 1990s with a fewcompanies reporting onIntellectual Capital.Austria is an exceptional case as a law

published in 2004 will require publiclyfunded universities to produce aWissensbilanz (Knowledge Account),

complementary to the existing reporting, aspart of their funding contract with theMinistry from 2006. As a result, this sectorhas a greater reporting requirement placed onit than industry has. In Germany there has

been good publicity and excellent support(including financial) from the Ministry ofLabour and Economics for the Wissensbilanzarousing a great interest among enterprises.The situation in the Eastern Europeancountries is quite similar to that of theSouthern European ones, in the sense thatonly a few business leaders are active inimplementing Intellectual Capital relatedmanagement tools in their organization.Although most of them are conscious aboutthe importance of Intellectual Capital especially Human and Relational Capital - intheir business success, they are quiteskeptical about formalized managementsystems and afraid of being really

transparent. This comes from the traditional

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existat o publicitate bun i un sprijinexcelent (inclusiv financiar) din parteaMinisterului Muncii i Economiei pentruWissensbilanz care a strnit mult interes n

rndul ntreprinderilor.Situaia din rile est-europene este destul de asemntoare cu ce arilor sudice, adic numai cteva companiide vrf sunt active n implementareainstrumentelor de gestionare a Capitalului

Intelectual n cadrul organizaiilor lor. Deimajoritatea sunt contiente de importanaCapitalului Intelectual n special CapitalulUman i Relaional pentru succesul afaceriilor, acestea sunt destul de sceptice n ce

privete sistemele de management oficiale i

se tem de transparena real. Acest lucru sedatoreaz abordrii antreprenorialetradiionale a lurii deciziei i controlului i,de asemenea, lipsei de ncredere n autoriti.Cercetarea, publicaiile i discuiileacademice axate pe ManagementulCapitalului Intelectual, sau pe RaportareaCapitalului Intelectual au fost foarte rare

pn n prezent, numai experii contabili,auditorii i analitii financiari au un anumitgrad de contientizare a aspectului evalurii

Capitalului Intelectual, n special aCapitalului Uman.

CONCLUZII

Actualmente ne aflm la grania dintreeconomia tradiionalstabiliti o nouteorie acunotinelor economice are nu este elaboratsau formulat distinct. Un exemplu al acesteievoluii este discuia actual privind protecia

patentelor sau programelor informatice care esteaprig contestat de cei care susin aa-numitaIniiativa Programelor Informatice Deschise. n

practic ei se bazeaz nc pe modele binestabilite de economie tradiional nu n ultimulrnd din cauza disponibilitii i aplicriireglementrilor legale. Acest lucru este valabil i

pentru noile standarde de raportare financiar.Un bun exemplu de confruntare ntre economiatradiional i cea i economia bazat pecunoatere este modul n care sunt calculate

investiiile n IT.Promisiunile fcute de vnztori

entrepreneurial approach of centralizeddecision-making and control as well as a lackof trust of the authorities. Research,

publications and academic discussions

focusing on Intellectual CapitalManagement, or Intellectual CapitalReporting, have been very rare so far, onlythe accounting experts, auditors and financialanalysts have shown awareness of the issueof evaluating Intellectual Capital, especiallyHuman Capital.

CONCLUSIONS

We currently move along the

borderline between established classiceconomics and a new theory of knowledgeeconomics that is not well worked out orformulated. An example of this developmentis the current discussion on patent protectionof software that is heavily opposed by thosesupporting the so-called Open SoftwareInitiative. In practice we still rely on the well-established models of traditionaleconomics, not least because of theavailability and application of legal

regulations. This also holds true for newstandards in financial reporting. A goodexample of the clash between classiceconomics and knowledge economics is howinvestments in IT are calculated.The promises made by the vendors and theexpectation of the customer / buyer is that anIT solution that is purchased will serve anumber of aims and purposes, as set out inthe vendors proposal.But, at the end of the day, on the invoice only

pieces of hardware and software show up,and certainly not the whole world offascinating functions which motivated theclient to make the investment. Theaccountants on their part just take to their

books what is on the invoice, and certainlynot the value of the effects generated by theuse of the IT. It is clearly this dichotomy

between the imagination and the reality,which creates a productive tension when

discussing knowledge economics.

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i ateptrile clientului/cumprtorului suntacelea co soluie IT care este cumpratva fiutil pentru o serie de obiective i scopuri, aacum specific propunerea vnztorului. Dar, n

final, pe facturapar numai piese de echipamenti programe, i cu sigurannu ntregul universal funciilor fascinante care l-au motivat pe clientsfacinvestiia. Contabilii, la rndul lor doar nregistre reflect ceea ce este pe factur, i cusiguran nu valoarea efectelor generate deutilizarea IT. Este o dihotomie clar ntreimaginaie i realitate, care creeaz o tensiune

productivn discuiile privind economia bazatpe cunoatere.Transformarea metodelor deevaluare tradiionale n noi metode de evaluare

cu ajutorul Raportrii Capitalului Intelectualeste un aspect care nu este ncstpnit suficient.Una din ateptri este aceea cnoua economiereal reiese din cea veche. Totui, este mult mai

probabil ca pentru o a numitperioad ambeleparadigme s se dezvolte n paralel i apoi sdevin convergente, rezolvnd astfel paradoxulevalurii.

BIBLIOGRAFIE

1.Andriessen, D. (2004), Making sense ofIntellectual Capital Designing a method forthe valuation of intangibles, (ElsevierButterworth-Heinemann, MA, USA.)2. Andriessen, D., Tissen, R., (2000),Weightless wealth: find your real value in afuture of intangibles assets, (Financial TimesPrentice Hall, London).3. Baruch L., (2001), Intangible, BrookingsInstitution Press, WashingtonD.C.,Harmonized guidelines for IC Reportingin the Nordic IT industry, (NIF, Copenhagen.)4. Edvinsson, L (2002), Corporate Longitude,Navigating the Knowledge Economy, (BookHousePublishing, Sweden)5.Edvinsson, L., and Malone, M.S. (1997),Intellectual Capital: realizing your companystrue value by finding its hidden brainpower,(Harper Business, New York.)

The transformation from traditional valuationmethods to new ways of valuation by meansof

Intellectual Capital Reporting is an issue

which is not yet being mastered sufficiently.One expectation is that the real neweconomy emerges out from the old one.However, it is more likely that, for a certain

period, both paradigms develop in paralleland then will converge, thereby solving thevaluation paradox.

REFERENCES

1.Andriessen, D. (2004), Making sense of

Intellectual Capital Designing a method forthe valuation of intangibles, (ElsevierButterworth-Heinemann, MA, USA.)2. Andriessen, D., Tissen, R., (2000),Weightless wealth: find your real value in afuture of intangibles assets, (FinancialTimes Prentice Hall, London).3. Baruch L., (2001), Intangible, BrookingsInstitution Press, WashingtonD.C.,Harmonized guidelines for ICReporting in the Nordic IT industry, (NIF,

Copenhagen.)4. Edvinsson, L (2002), Corporate Longitude,Navigating the Knowledge Economy,(Book HousePublishing, Sweden)5.Edvinsson, L., and Malone, M.S. (1997),Intellectual Capital: realizing yourcompanys true value by finding its hidden

brainpower, (Harper Business, New York.)

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Tabel nr. 1 - Indicatori de msurare a activelor necorporaleIndicatoriistructuriiexterne

Indicatorii structurii interne Indicatorii decompeten

Indicatori decretereDezvoltarea structuriiexterne

Investiii n ITInvestiii n structuraintern

Indexul de competenNumrul de ani n

profesieNivelul de educaieRotaia competenelor

Indicatori derennoire/inovare

Imaginea firmeimbuntitdin relaiile cuclienii (pondereaveniturilor )Vnzrile ctre noi

clieni

Structuraorganizatoricmbuntitdinrelaiile cu clienii(ponderea veniturilor)Propunerea de noi

produse/serviciiNoi procese de

producieimplementate

Competene ctigatedin relaiile cu clienii(ponderea veniturilor )

Costurile de instruirei educare

Diversitateacompetenelor

Indicatori deeficienaiutilizrii

Profitul per clientVnzrile pe clientIndexul de ctig/pierdere

per client

Pondereapersonaluluiadministrativ

PondereaprofesionitilorValoarea adugatperangajatProfitul per angajat

Profitul perprofesionistIdicatori de

risc/stabilitate

Indexul satisfacieiclienilorPonderea clienilor mariStructura pe vrste acontractelor deinute defirmRata clienilor loialiFrecvena contractelorrennoite

Indexul devaloare/atitudine ncadrul organizaieiVrsta organizaieiRotaia personaluluiadministrativ numrul de angajaicu mai puin de 2 anide vechime(Rata

Rookie)Vechimea ca angajatal firmei

Rotaia profesionitilorSalariul mediu peangajatSenioritatea

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Table 1 Intangible Asset Measurement Indicators

Externalstructure indicators

Internal structure indicators Competenceindicators

Indicators ofgrowthDevelopment ofthe externalstructure

Investments in ITInvestments ininternal structure

Competence indexNumber of years inthe professionLevel of educationCompetence turnover

Indicators ofrenewal/innovation

Improving thecompanys imagethrough therelationship withthe customers/clients (proportion

of incomes)Sales to new

customers

Organizationalstructure enhancedthrough therelationships withthe customers(proportion of

incomes)Proposal for new

products/servicesNew production

processesimplemented

Competence earnedthrough therelationships with thecustomers(proportion ofincomes)Training andeducation costsCompetence diversity

Indicators ofefficiency/utilisation

Profit percustomerSales percustomer

Win/loss indexper customer

Proportion ofsupport staff

Proportion ofprofessionalsValue added peremployee

Profit per employeeProfit perprofessional

Indicators ofrisk/stability

Customersatisfaction indexproportion of bigcustomersAge structure ofcontracts of thecompanyDevoted

customers ratioFrequency ofrenewed contracts

Value/Attitudeindex within theorganizationAge of theorganizationSupport staffturnovernumber of

employees with lessthan two years ofseniority (Rookieratio)Employeesseniority

ProfessionalsturnoverAverage wage peremployeeSeniority

Source:Karl-Erik Sveiby (2003)

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Figura 2. Model generalde raportare a capitalului intelectualSursa: Baruch Lev, Active necorporale: Management, Msurare i Raportare", 2001

Strategie

Scopuricunoscute

Strategii Capital /Potenial

Procese cheie Rezultate /Efecte

Viziune

Misiun

CapitalUman

CapitalStructural

CapitalRelaional

Inovaie

Potenial

C i D

Afaceri

Marketin

...

RezultateFinanciare:

Bilan Profit i

pierdere Conturi

analitice ...

Rezultatenefinanciare:

Umane... Structurale RelaionaleCapital intelect

PiaaLegislaie iReglementri ImagineTax

Condiii deMediu

IntrareRezultat i

impact

Talentedisponibile

Piaa de capital

Reintroducerea profiturilor din capitalnefinanciare

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Figure 2. General Intellectual Capital Report ModelSource: Baruch Lev, "Intangibles: Management, Measurement and Reporting", 2001