Recognizing Intellectual Capital in the Intangible Asset Structure of Enterprises in the Integration Peri

This article focuses on clarifying the theoretical issues of knowledge resources in enterprises and the current state of accounting of intellectual resources in particular and intangible assets accounting in general in Vietnam in the integration period. Based on the research on content, requirements for managing knowledge resources and accounting methods, this article provides the guiding principles for the development of the accounting of intangible assets to exploit enterprises’ knowledge resources.
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Recognizing Intellectual Capital in the Intangible Asset Structure of Enterprises in the Integration PeriVNU Journal of Science: Economics and Business, Vol. 33, No. 5E (2017) 89-99Recognizing Intellectual Capital in the IntangibleAsset Structure of Enterprises in the Integration PeriodNguyen Hong Nga*Thuongmai University, 79 Ho Tung Mau, Cau Giay Str., Hanoi, VietnamReceived 21 July 2017Revised 15 December 2017; Accepted 25 December 2017Abstract: Value theory is one of the fundamental problems of economics which is applied in manydifferent disciplines. However, the application of this economic theory in recognizing the valuationof intellectual capital of enterprises is a complex issue, especially knowledge is considered as animportant form of resource and exchanged on the market. According to modern accountingtheories, the accounting of intellectual capital is associated with the use of a measure of value torecognize, measure, and report on intangible assets of enterprises. However, current accountingpractices do not meet the information demand of enterprise knowledge resources. This articlefocuses on clarifying the theoretical issues of knowledge resources in enterprises and the currentstate of accounting of intellectual resources in particular and intangible assets accounting ingeneral in Vietnam in the integration period. Based on the research on content, requirements formanaging knowledge resources and accounting methods, this article provides the guidingprinciples for the development of the accounting of intangible assets to exploit enterprises’knowledge resources.Keywords: Intellectual capital, value theory, intangible assets, enterprises.1. Introduction *on the true value of the business, reducingasymmetric information, increasing the abilityto raise capital by providing the value ofintangible assets, and enhancing the credibilityof the business [2]. A survey of leadingcompanies in Egypt found that 83% of therespondents said knowledge information wasuseful for making investment decisions relatedto the company; 71.9% said information aboutknowledge resources was useful for evaluatingthe companys performance [3].According to the international accountingstandardsboard(IASB),recognizingintellectual capital (if capitalized) is inaccordance with the accounting method forintangible assets. However, knowledgeresources are accounted for as expenses of theenterprise, such as: training costs, pre-operationMany studies have shown the benefits ofrecognizingandreportingenterprises’knowledge resources. The items of knowledgeresources have a strong impact on the use offinancial information for economic decisionmaking, and businesses will benefit from amore comprehensive presentation of theirintellectual capital [1]. Holmen (2005) cited byMoolman (2010) points to the benefits ofenhancing recognition and presentation ofknowledge resources in financial reporting,including narrowing the gap between bookvalue and market value, providing information_______*Tel.: 84-981589916.Email: hongngaktdn@gmail.comhttps://doi.org/10.25073/2588-1108/vnueab.41288990N.H. Nga / VNU Journal of Science: Economics and Business, Vol. 33, No. 5E (2017) 89-99costs, goodwill internally, etc. In other words,in this case, expenditures for investing inknowledge resources are considered past costsrather than future benefits. Thus, the greatestdifficulty in accounting and reporting ofknowledge resources as well as other intangibleassets is the lack of principles and methodsrelated to measurement. At present, knowledgeresources have been recognized and presentedin annual financial statements of largecompanies in Sweden, Australia, USA, Egypt,Malaysia, etc. Accordingly, large companiessuch as Skandia in Sweden have applied theform of a report of intellectual capital asadditional reporting to the annual financialstatements. Therefore, the recording andreporting of knowledge resources on financialstatements is becoming an indispensable trendin many countries around the world. However,regulations on recording, measurement andinformation on the value of knowledgeresources in the structure of intangible assets ofenterprises in the Vietnamese accountingsystem are still not consistent with internationalstandards. In order to meet the requirements ofthe international integration of accounting,Vietnam must research and gradually apply theregulations on recording, measurement andreporting of intellectual capital in financialreports following international trends andpractices, with an appropriate roadmap.Based on that, the following article willexamine the importance of recognizing thevalue of knowledge resources in the intangibleasset structure of an enterprise. The survey willcover the current situation of recording,evaluating and presenting information related toknowledge resources in enterprises to answerthe following questions: Does the currentaccounting system have regulations forrecognizing the value of an enterprisesintellectual resources? Is it necessary to recordthe value of knowledge resources in thestructure of intangible assets? Is it necessary toidentify the knowledge resources includingorganizational resources, human resources andrelated resources?The author also examines accountingexperts’ knowledge of the legal framework, theaccounting regime and regulations for thedisclosure of knowledge resources in financialreports, as follows: Are the legal frameworkand accounting regime for knowledge resourcesadequate? Do you need specific regulations forrecording,measuringandpresentinginformation on knowledge resources? Shouldthe accounting of intangible assets be placed inthe relationship between benefits and costs?After the data has been collected, the authorwillmakerecommendationsonthedevelopment of a system for valuing theknowledgeassetsofthee ...