Revista de Contabilidad – Spanish Accounting Review 21 (1) (2018) 1–6

REVISTA DE CONTABILIDAD
SPANISH ACCOUNTING REVIEW

www.elsevier.es/rcsar

Editorial

Accounting and intangibles

Contabilidad e intangibles

The editorial committee of the Revista de Contabilidad – Spanish and knowledge management and generation. Innovation covers
Accounting Review has very kindly invited me to provide a brief pre- the creation of new products and services, the implementation of
sentation for the present issue of the journal, leaving the subject for new processes, changes in customer management and the ways
discussion up to me. In taking this decision, I checked out the infor- of working or organizing business management, and the develop-
mation on the ‘ResearchGate’ portal about my scientific production ment of human resources, relationships and new markets. For this
and found that the article entitled ‘Accounting for Intangibles: A Lit- reason, innovation requires and leads to investment in abilities and
erature Review’, written in collaboration with Manuel García Ayuso in such intangibles as creativity, brand image, intellectual property
and Paloma Sánchez,1 is by far the most read and cited article of and patents, i.e. the creation of intellectual capital for businesses.
all those I have published in international media; it has had 2064 Knowledge and constant innovation are currently the main fac-
readers and 303 citations [accessed on December 22nd, 2017]. This tors contributing business value by giving rise to the generation
has led me, even though I am no longer, at this point in my life, as of intangible items on which to base new processes and products,
immersed in the research of this subject as I was at the time that and these intangibles are in turn a source of further knowledge
paper was published, to prefer this topic over others that might and innovations. In 2015, intangibles, also referred to as ‘intellec-
have attracted my attention more recently. tual capital’,7 represented 87% of the market capitalization of listed
Back in the day, 1998–2010, I was lucky enough to be involved companies forming part of the S&P 500 stock-market index8 ; trade
in a series of interlinked European research projects, either aimed marks represent a large percentage of these assets, with expendi-
at the measurement and reporting of intangibles in the con- ture on R&D often exceeding the net profits of these companies.
text of business innovation: MERITUM (1989–2001),2 E-KNOW.Net Having said that, and without prejudice to the more recent
(2001–2003),3 PRIME (2004–2008)4 or else discussing accounting emergence of such intangibles as corporate reputation and cor-
harmonization in Europe and its approach with respect to IFRS: porate social responsibility (CSR). On the relevance of corporate
HARMONIA (2000–2003),5 INTACCT (2007–2010).6 My participa- reputation, suffice here a quote from Warren Buffett: ‘Act with honor
tion in these research projects afforded me multiple contacts and and integrity: It takes twenty years to build a reputation and five min-
international collaborations, which represented a major stimulus utes to ruin it; if you think about that, you’ll do things differently.’9
to my research career, giving rise to numerous international pub- With respect to CSR, according to the Edelman 2016 Confidence
lications, but none of these has managed to achieve the level of Barometer, 80% of interviewees stated that a company must con-
dissemination reached by the article mentioned. I must, therefore, tribute to an improvement in the social and economic conditions
once more deal with intangibles at the present time. of the environmental in which it operates.10
There are several definitions of intellectual capital and its
Emphasizing intangibles components but it is common for a distinction to be drawn
between human capital, organizational capital and relational capi-
At the present time, intangible assets are major creators of busi- tal (MERITUM, 2002: 3). Human capital reflects individual abilities,
ness value and a source of competitive advantage. Companies are know-how, skills and expertise of a company’s employees and
more and more basing their success and survival on innovation executives. Organizational capital is the knowledge ensemble that
remains in the company at the end of the day; it includes the
company’s patents, operating structures, administrative organi-
1
Published in: Journal of Accounting Literature, vol. 19, 2000, pp. 102-130. zation and information systems, its installed capacity, reputation
Reprinted in: Readings on Intangibles and Intellectual Capital, Cañibano, L. and P.
Sánchez (Editors), AECA, Madrid 2004.
2
Measuring Intangibles To Understand and Improve Innovation Management.
3 7
A European Research Arena on Intangibles. This has been highlighted in the MERITUM Guidelines: 3. Conceptual framework.
4 8
Policies for Research and Innovation in the move toward the European Research http://www.kpmgblogs.es/el-valor-de-la-reputacion-y-los-intangibles-en-el-
Area. contexto-economico-actual/.
5 9
Accounting Harmonisation and Standardization in Europe: Enforcement, Com- https://www.entrepreneur.com/article/267618.
10
parability and Capital Market Effects. http://www.pacificlatam.com/investigaciones/barometro-de-la-confianza-
6
The European IFRS Revolution: Compliance, Consequences and Policy Lessons. 2016/.

https://doi.org/10.1016/j.rcsar.2017.12.001
1138-4891/© 2017 ASEPUC. Published by Elsevier España, S.L.U. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-
nd/4.0/).
2 Editorial / Revista de Contabilidad – Spanish Accounting Review 21 (1) (2018) 1–6

Enterprise

Tangible Intellectual Financial

capital Capital capital

Organizational capital Relational capital

Human Capital
the R&D activities, the all resources linked to
knowledge, skills, organizational routines, the external relationships
experiences and abilities procedures, systems, of the film, with
of the employees databases and customers, suppliers,
intellectual property R&D partners
rights of the company

Fig. 1. Intellectual capital.

Source: Ricardis (2006).

and image, as well as its productive efficiency and corporate cul- the pharmaceutical industry or information and communications
ture. Finally, relational capital is the set of resources linked the technologies. Given their great versatility, the only factor limiting
external relationships the company has with its clients, suppliers, the use of intangibles is the market, something that does not hap-
shareholders or partners and its surroundings. This network of rela- pen with tangible items subject to other kinds of restrictions. Lastly,
tionships can be represented as the roots enabling the growth of a we must not overlook the immense potential of the networked use
tree, now and in future, as shown in the following diagram (Fig. 1). of intangibles, with the consequential economies derived from this
Intellectual capital therefore refers to the status of relationships, circumstance.
the creation of value or the improvements in the skills and abili- These inherent characteristics of intangible resources and
ties of the people making up the company. These characteristics activities generate differences between the (extensive) economic
inherent to intangibles: tacit nature, difficulty for their transmis- concept of intellectual capital and the much more limited account-
sion within the company and blurred ownership limits hinder both ing concept of an intangible asset that is used as the basis for
the extraction of value from this capital and also its valuation. On drawing up the third-party financial reporting information that
occasion, it is not even possible to establish its existence. All this companies have to publish from time to time. It is precisely the
hinders its definition, valuation, measurement, interpretation and existence of intangible assets not recognized for accounting pur-
management, and hence the communication of relevant informa- poses that explains a large part of the well-known discrepancy
tion regarding its intangible components for the taking of decisions. between market capitalization and the book value of companies.
These difficulties, at the same time as posing a challenge, There is a considerable distance between these two values, as has
highlight how much remains to be investigated in the vast field repeatedly been made clear in the specialized literature, particu-
represented by intangibles generated by business innovation and larly in one of the earliest studies of this matter (Lev & Zarovin
at the same time driving this innovation. Before referring expressly, 1999).
however, to aspects relating to the management and reporting of
intangibles, please allow us some brief notes on the main character- Back to the fray with reporting of intangibles
istics differentiating these elements from those of a tangible nature
(Cañibano, García-Ayuso, & Sánchez, 2000). In an attempt to classify the successive contributions to the
Investment in intangible assets is clearly very different from debate on intangibles, some more recent papers (Guthrie et al.,
investment in tangible assets. Investing in intangible assets gen- 2012; Dumay & Garanina, 2013, Dumay, 2016) have divided this
erally entails greater risk and, for this same reason, a higher return process into the following four phases or stages:
is expected from them. As opposed to what happens with tangi-
ble assets, intangibles are capable of simultaneous use; by way of (1) During the late 1980s and the 1990s, the various contributions
example, consider the case of an airline, with restrictions on the attempted to create a conceptual framework for intellectual
capacity of its fleet (tangible) versus the versatility of its book- capital in order to help visualize these invisible resources and
ing system (intangible). Whereas tangible assets tend to follow therefore enable them to be measured and ultimately reported.
the law of diminishing returns, this does not happen with intan- Their methodological foundation lies in “grounded theory”. The
gibles because of the cumulative nature of knowledge; intangibles most significant authors in this period were Kaplan and Norton
are usually characterized by requiring high sunk costs11 and low (1992), Edvinson (1997) and Stuart (1997).
incremental costs, as often happens, for instance, in such sectors as (2) Starting in the early part of this century, we are told (Dumay,
2013:12) that researchers continued to emphasize the mea-
surement and reporting of intangibles, with the MERITUM
11
Overheads caused by past decisions. (2002) Guidelines being considered a ‘seminal’ work. As one
 Editorial / Revista de Contabilidad – Spanish Accounting Review 21 (1) (2018) 1–6 3

of the co-authors, it should like to point out that this texts ICAC, regarding the accounting treatment given to the revenue
goes far beyond that content, as these Guidelines devote an derived from the sale of stakes in the “Set of Rights” that we will
entire chapter to managing intellectual capital, and delves more be referring to below, with the argument that, in the accounting
deeply into the concepts of ‘critical intangible’ and ‘commer- sphere, this revenue was similar to that obtained by television
cially exploitable intangible’, both closely linked to business sports broadcasts and that it should therefore accrue over the term
strategies. Other studies also considered relevant are the Danish of the contract’s duration. These are obviously two completely dif-
IC Reporting (Mouritsen et al., 2003) and the European project, ferent transactions, with the first implying revenue from the sale of
InCaS.12 an intangible on the date of the contract, whereas the second refers
(3) Guthrie et al. (2012) pointed out that a new research approach to the revenue produced and recognized on each of the dates cor-
was emerging around that time, based in practice on how busi- responding to the effective provision of the service. This was how
nesses used their intellectual capital. This approach not only it was also understood by the ICAC when it proceeded to dismiss
considers value in monetary terms but also treats other values the allegations.
incorporated into the products and services addressed to clients
and other third parties as valuable and important. A transfor-
mation is being wrought in research into intellectual capital
in pursuit of engagement in the company’s internal processes, The transaction for the sale of stakes in Real Madrid’s
as already discussed in fact in the MERITUM (2002) Guidelines ‘‘Set of Rights’’ in 2001
referenced above.
(4) In an attempt to push the envelope further, Dumay (2016) one At the start of the 2000–2001 financial year (July 1st, 2000), the
more redrafted the aims of research into intellectual capital, Real Madrid football club held certain intangibles that were not
highlighting that the aim of reporting on intellectual capital is recognized for accounting purposes on its balance sheet.
not appropriate; for Dumay, the myth of value creation based Although there is a long-standing refrain stating that what isn’t
on better reporting has not worked and so must be ‘buried’.13 It recognized for accounting purposes does not exist, the fact of the
is necessary to help organizations disclose what previously had matter is that the emergence of the knowledge-based economy
been kept secret or was simply unknown. It is not a matter of has proved the existence of considerable intangible elements
reporting but revealing, by means other than reports, informa- that are critical for the creation of value in a company; they not
tion that affects intellectual capital, albeit not classified as such. only exist but are decisive for the generation of the company’s
future profits.
We have to agree that the emphasis placed on reporting intan- The mere existence of such intangible elements does not gen-
gibles at the time has failed to achieve its goals, as the reference erate value; it is necessary for them to be identified by the
framework for accounting information has not changed enough management, especially those of a critical nature, i.e. those
to accommodate a more flexible valuation criterion for these, directly associated with the company’s strategic goals, and for
assuming one of the proposals submitted (Lev, Cañibano, & Marr, the necessary means to be provided to turn these into commer-
2005:42), or to supplement an estimation in this respect via the cially exploitable intangible assets.
notes to the accounts. On the other hand, there are indeed new Following the elections held on June 16th, 2000, a new Gover-
reporting obligations on sustainability and social responsibility, ning Council led by Florentino Pérez took over at Real Madrid
but these too have failed to achieve the mandatory inclusion of and, after examining the practices applied by certain leading
information about intangibles. international teams, identified the club’s brand and image as
Is it possible now, with the new EU directive on non-financial well as the image of Real Madrid’s players as critical intangibles
information,14 to expect any disclosure of information on intangi- and then implemented the means for turning these into commer-
bles or intellectual capital among non-financial information? At the cially exploitable intangible assets, adapting the Club’s internal
present time, after its transposition, this directive will be compul- organization to the new strategic goal established, and seeking
sory in Spain for listed companies and other public interest entities. co-operation agreements with other entities with experience in
Non-financial reports of this kind could be subjected to verifica- the promotional business to be developed.
tion by an independent professional, similar to the auditor’s report The so-called “Set of Rights” (corresponding to Merchandizing,
accompanying the company’s financial statements. Club Image and Players’ Images, Internet and Distribution) is
simply an accumulation of the commercially exploitable intan-
gibles we have been referring to, as they arise as a consequence
The analysis of intangibles as a management tool
of the strategic decisions adopted by the new Governing Coun-
cil of Real Madrid and the subsequent actions taken. In other
Regardless of the foregoing with respect to reporting and in
words, it is a new business to be developed, with expectations
order to emphasize the management vision implied by an anal-
of future profits that have gradually materialized more and more
ysis of intangibles, not only after 2012 but even earlier as shown
over time.
in the MERITUM Guidelines (2002), I have included here an extract
The co-operative agreement entered into with “Accionariado y
from a report produced in the now distant 2003 at the request of
Gestión” (in the Caja Madrid Group) and “Sogecable” repre-
the Office of the President of Real Madrid football club, in view of
sented the sale by Real Madrid of percentage stakes of 20% and
the accounting controversy that arose at the time.
10%, respectively, in the preceding intangible assets for a total
A member of the previous Governing Council of that sports
amount of 19.5 billion pesetas. Given the accounting recogni-
entity submitted a complaint to the Spanish accounting authority,
tion of these intangibles at the time, most of the costs originated
by the same were charged to expenses; as a result, the amount
on the balance sheet was small, so the difference between the
12
http://www.incas-europe.org/home/index.html.
13
amount received and the amount recorded on the balance sheet
Then I declared IC reporting dead and flashed up on the screen a tombstone with
the epitaph ‘Intellectual Capital Reporting: 1994-2012’. came to 19.3 billion pesetas, which were posted to accounts as
14
Directive 2014/95/EU of the European Parliament and of the Council of 22 Octo- the extraordinary profit from the sale of intangible fixed assets,
ber 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and as prescribed by the General Table of Accounts in force.
diversity information by certain large undertakings and groups.
4 Editorial / Revista de Contabilidad – Spanish Accounting Review 21 (1) (2018) 1–6

asset class in perpetuity, even in the scenario where the Gover-

ning Council had the power to adopt irreversible decisions on the
Club’s distinctive hallmarks. Prudence would make it advisable
The aforesaid stakes gave their respective registered holders the to sell only that part of the image whose value can be estimated
right to participate in the profits derived from exploitation of the over a reasonable period of time. This is precisely what Real
business mentioned, with the purchasers assuming all the risks Madrid did, by initially estimating a term of eleven years, with
inherent to the same, identical to those assumed by Real Madrid the possibility of an additional extension for a further five years.
with its remaining 70% stake, which it continues to hold. This is Following the sales transactions involving commercially
therefore a definitive sale that is not conditional on any variation exploitable intangibles undertaken in the 2000–2001 financial
in the revenue that might arise in future in the exploitation of the year, there was another transaction in the 2002–2003 financial
business indicated. year, which reduced the stake held by Accionariado y Gestión (in
On the other hand, it should be noted that the corresponding the Caja Madrid Group) by 7.5%, a stake that it had passed, via
amounts were collected practically immediately, with all the Real Madrid, to Media Cam Production Audiovisual, S.L. Both
deferred sums collected in full during 2001. companies, “Accionariado y Gestión” and “Media Cam” saw
In view of these circumstances: definitive transactions, total their exploitation term extended to thirteen years, while at the
transfer of the risk and collection of the price, it is appropriate same time accepting clauses that enabled them to reduce or
to recognize this revenue for accounting purposes as income in extend the term when the profitability achieved exceeded cer-
the financial year in which the stakes in the business associated tain percentages or when an agreed minimum percentage was
with the commercial exploitation of the intangibles in question not achieved. In this way, by combining the term and the return,
were sold for the corresponding amount. Real Madrid reserved for itself any superprofits that might arise
from the commercial exploitation of the said intangibles, with-
Term for the sale of intangible assets out prejudice to stimulating its investor through the extension of
the term to enable it to achieve a particular level of profitability.15
The physical, human and financial resources compete among These latter considerations do not alter the essence of the com-
possible alternative uses within a company, i.e. they are rival mercially exploitable intangibles as described above and whose
with each other. If an aircraft and its corresponding crew is characteristics have been highlighted, nor do they alter the
assigned to a particular route, it cannot simultaneously cover accounting treatment applied to the sales transactions for stakes
another route, thus giving rise to a missed opportunity. On in the business for their commercial exploitation.
the other hand, intangible assets may be capable of being
used simultaneously; an airline’s booking system (organizational Accounting of the tax effect corresponding to the
capital) can handle an unlimited number of clients, and no oppor- sales transaction for the stakes in intangible assets
tunities are missed.
This characteristic of intangible assets, namely their possible The intangibles sold were generated by the Club over a period
simultaneous and repetitive use without diminishing their use- of time (we are talking about its brand and its image), although
fulness, explains why companies consider these to be major the actions needed to turn them into commercially exploitable
value generators. Their returns are only limited by the size of assets had not been taken; the costs originated by the same had
the market, not by the scarcity of the asset in question. been posted to accounts in their day, although, in view of the
This characteristic is important when considering the sale of an generally accepted criteria in place in this regard, the amounts
asset of this nature because these items do not have diminishing recorded on the balance sheet were quite scant, with the remain-
returns and a predetermined working life, as would be the case der forming part of the successive Profit and Loss Statements.
of a transportation item, a machine or a building, but rather they From an accounting perspective, it is appropriate to recognize
are elements than can have more value the more they are used, the corresponding tax impact, consisting in posting 25% of the
which makes it advisable to establish a limited period, in view 19.3 billion pesetas the amount of the sale came to, namely 4.825
of the price agreed and the level of return expected, in line with billion pesetas, as a liability for deferred taxes, as reflected in
the corresponding business risk. Real Madrid’s Annual Accounts closed as of June 30th, 2001.
The sale of a stake in the business consisting in the commercial
exploitation of certain intangible assets of Real Madrid (Brand In conclusion
and the image of the Club and its players) must logically con-
template a limited term because the asset being sold, involving In accordance with the conceptual reasoning applied as set out
as it does an intangible, will continue to exist in the long term but above, the accounting criteria applied by Real Madrid in its
its value can change radically depending on the use being made Annual Accounts closed as of June 30th, 2001, with regard to
of it. If this use intensifies, the greater expectations of future the sale of the “Set of Rights” or, in our words, “commercially
profits will increase the value of the item, whereas it will have exploitable intangibles”, are compliant with Accounting Princi-
the opposite effect if it ceases to be used. The establishment of ples and Rules Generally Applied in Spain, as was accredited by
a term is logical for both parties: for the vendor, because it will the auditors of the said Annual Accounts.
continue to preserve its long-term potential to generate profits,
and for the purchaser because the term established enables it to
recover its investment together with the corresponding business
return.
We are talking here of selling the use of an entity’s image, so We consider the preceding case to be a good exponent of the
it is difficult to contemplate the possibility of a sale of such an analysis of intangibles from a strategic standpoint, aimed at the
development of a new revenue stream for the sports club. First it
identified the critical intangibles for achieving its goal sand then,
by making them ‘commercially exploitable’ through the endow-
ment of additional resources based on co-operation with other
 Editorial / Revista de Contabilidad – Spanish Accounting Review 21 (1) (2018) 1–6 5

RESOURCE STRATEGIC RESOURCE RESOURCE VALUE

INVESTMENTS RESOURCES PRESERVATION DEPLOYMENT CREATED

Portfolio Strategy ($M) Minerals

• Investments • Acreage I. Activity
Threats Value Created in Period ($)
• Disposals • Proved reserves • Production
Geopolitical and Cash from Operations
• Exploration • Discounted cash • Sales breakdown
regulatory threats to Plus:
• Retained proved flows ($M)
company resources Price Quantity Forex M&A • Expensed investments
reserves • Productive wells
and agreements, and Minus:
and rigs
protective measures II. Reserve replacement ratio • Capital expenditures
taken Minus:
III. Operating costs ($M) • Cost of equity capital
Equal:
Total Per Boe
• Value-created
Mergers & Acquisitions Refining Capacity & IV. Gross margin (%)
Usage
Disruption
Threat of
Joint Ventures & disruptive
Patents & Trademarks technological
Alliances
changes

New Important Key Government Sensitivity of Operations to

Agreements Agreements Oil & Gas Price Changes

*Boxes denote data, circles for narrative disclosure

Fig. 2. Strategic resources and their consequences with respect to oil & gas companies.
Published with permission. Source: Lev and Gu (2016) ‘The End of Accounting and the Path Forward for Investors and Managers’. Wiley, Hoboken, New Jersey.

companies and the performance of activities for their improvement - In the case of vehicle insurance companies, the frequency of acci-
and subsequent valuation. dents and their severity.
Replicating the same scheme for the process of identifying - Among pharmaceutical and biotechnology companies, the results
resources and intangible activities as in the MERITUM Guidelines of their clinical trials.
(4.1 Figure 3) to the preceding Real Madrid case, we would obtain - Among oil and gas businesses, confirmed variations in known
the following diagram: reserves.
Processes Real Madrid case

Strategic goal To develop a new revenue stream These circumstances led to the proposal of a new complete
Critical intangibles Merchandizing, image of club and players, information paradigm for investors and executives in the 21st cen-
Internet, distribution tury: ‘The report on strategic resources and their consequences’. The
Intangible resources to be Co-operation with financial entities and
created/developed communication bodies
resources the report is to provide are those of strategic value in
Intangible activities to Marketing, communication, networks modern companies, such as patents, trademarks, technology, natu-
improve resources ral resources, operating licences, clients, business platforms and the
Activities to evaluate Analysis of increases in revenue, users, company’s relationships with third parties. These basically concern
outcomes advertising and communication contracts
intangible concepts included within intellectual capital.
In order to depict these ideas in a summarized form, the afore-
The report on strategic resources and their consequences said authors present a report template in the work cited and they
apply it to the industries mentioned above. We reproduce below the
This focus of the analysis of intangibles on the company’s man- report on strategic resources and their consequences with respect
agement, taking into account its strategic aim, has been studied to oil & gas companies (Fig. 2).
by an author highly characterized in this field, namely Baruch Lev It is worth noting the effort made to compile a suite of highly
(Lev & Gu, 2016), after highlighting the constant deterioration in relevant information in the model presented; without doubt, this
the usefulness and relevance of financial reporting for investment has influenced (and will continue to influence) the information dis-
decisions over the last half century, a process that has gained in closed in practice by companies in the sector indicated. For our part,
momentum in recent decades. Financial reporting no longer reflects we have been able to confirm that Repsol now distributes infor-
the factors that create value and give businesses a substantive com- mation of this type through some of the reports accompanying
petitive advantage. its Annual Accounts and Management Report, such as the report
The following are pointed out as examples of types of informa- on hydrocarbon exploration and production activities, including
tion that would be important for investors, quite apart from that details on investments and results, strategic resources, such as
provided through financial reporting: proven reserves, mining rights, exploring activities and others.

- The company’s strategy, i.e. how it executes its business model. In short
- Major indicators, such as the number of new clients.
Wherever traditional financial and accounting information can-
not reach, other kinds of information, starting from an analysis of
15
This policy of linking term and return has been applied in the commercial
intangibles, may facilitate the disclosure of the critical elements
exploitation of some other intangibles, such as, for example, administrative con- creating value. Call it a report on strategic resources or give it some
cessions granted by the State for the operation of motorways. other name, but publish it. As was said at the beginning, we are
6 Editorial / Revista de Contabilidad – Spanish Accounting Review 21 (1) (2018) 1–6

immersed in an economy of the intangible; today more than ever Lev, B., Cañibano, L., & Marr, B. (2005). An accounting perspective of intellectual
before, intangibles are important creators of business value and a capital. In B. Marr (Ed.), Perspectives on intellectual capital. London: Elsevier.
Lev, B., & Gu, F. (2016). The end of accounting and the path forward for investors and
source of competitive advantage. Let us never lose sight of that. managers. Hoboken, New Jersey: Wiley.
MERITUM. (2002). In L. Cañibano, P. Sánchez, M. García-Ayuso, & C. Chaminade
References (Eds.), Guidelines for managing and reporting on intangibles (Intellectual Capital
Report). Madrid: Vodafone Foundation.
Mouritsen, J., Bukh, P. N., Flagstad, K., Thorbjørnsen, S., Johansen, M. R., Kotnis, S.,
Cañibano, L., García-Ayuso, M., & Sánchez, P. (2000). Accounting for intangibles: A et al. (2003). Intellectual capital statement in practice – Inspiration and good advice.
literature review. Journal of Accounting Literature, 19, 102–137. Copenhagen: Danish Ministry of Science, Technology and Innovation.
Dumay, J., & Garanina, T. (2013). Intellectual capital research: A critical examination Ricardis. (2006). Reporting intellectual capital to augment research, development and
on the third stage. Journal of Intellectual Capital, 14(1), 10–25. innovation in SMEs. Brussels: European Communities – DG for Research.
Dumay, J. (2016). A critical reflection on the future of intellectual capital. Journal of Stuart, T. A. (1997). Intellectual capital: The New Wealth of Organisations. London:
Intellectual Capital, 17(1), 168–184. Doubleday-Currency.
Edvinson, L. (1997). Developing intellectual capital at Skandia. Long Range Planning,
30(3), 366–373. Leandro Cañibano1
Guthrie, J., Ricceri, F., & Dumay, J. (2012). Reflections and projections: A decade
of intellectual capital accounting research. British Accounting Review, 44(2),
Financial Economics and Accounting at the Autonomous University
68–82. in Madrid, Spain
Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard measures that drive E-mail address: leandro.canibano@uam.es
performance. Harvard Business Review, 70(1), 71–79.
Lev, B., & Zarowin, P. (1999). The boundaries of financial reporting and how to extend
1 Professor Emeritus.
them. Journal of Accounting Research, 37(2), 353–385.