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IBIMA Publishing

Journal of Accounting and Auditing: Research & Practice

http://www.ibimapublishing.com/journals/JAARP/jaarp.html

Vol. 2!" #2!"$% Article ' ()*"+2% !, pages

'-: !.(!*!/2!".()*"+2

Copyright 2013 Cristina-Ionela Fdur, Daniela Ciotin and Marilena Mironiuc. his is an open access

article distri!uted under the Creati"e Co##ons $ttri!ution %icense unported 3.0, &hich per#its

unrestricted use, distri!ution, and reproduction in any #ediu#, pro"ided that original &or' is properly

cited. Contact author( Cristina-Ionela Fdur )-#ail( cristina.*adur+yahoo.co#

Do the Romanian and Spanish Accounting

Environments Meet the Challenges Concerningthe Acknowledgement of Intangible Elements?

Cristina-Ionela Fdur, Daniela Ciotin and Marilena Mironiuc

Alexandru Ioan Cuza University, Iai, Romania

_________________________________________________________________________________

Abstract

esearch #oti"ation ur ai# is to identi*y the e/tent to &hich co#panies uoted in the

o#anian and panish stoc' e/changes, that #ust apply the International Financial eporting

tandards truly co#ply &ith the pro"isions o* these nor#s in presenting, in the *inancialstate#ents, the in*or#ation on intangi!le assets. e ha"e also studied a series o* indicators o*

intangi!le capital, in order to identi*y the e/tent to &hich the o#anian and panish accounting

en"iron#ents #eet the challenges concerning the ac'no&ledge#ent o* intangi!le ele#ents.

Methodology In order to identi*y the policies used !y co#panies in the reporting o* intangi!le

assets and to deter#ine the e/tent to &hich co#panies *orced to apply the I$IF co#ply

&ith the I$ 34 pro"isions, &e ha"e analy5ed the consolidated *inancial state#ents, dra&n

according to IF !y 16 o#anian co#panies uoted in the 7ucharest toc' )/change and 28

panish co#panies uoted in the Madrid toc' )/change, co#ponents o* the I7)9 3: inde/. e

ha"e deter#ined the &eight o* the intangi!le assets in the *i/ed assets and ha"e co#puted the

#ean degree o* disse#ination o* the in*or#ation on intangi!le assets !ased on the scores

o!tained !y each co#pany to a set o* uestions, designed in the spirit o* the I$ 34 pro"isions.

Main *indings o the 4 uestions in the set, created in the spirit o* the I$ 34 pro"isions, the

I!erian co#panies generally gi"e #ore analytical ans&ers. $lso, they present signi*icant

&eights o* the intangi!le assets into the *i/ed assets. 7esides the *inancial reporting o*

intangi!le assets, &e ha"e !een concerned &ith analy5ing non-*inancial in*or#ation re*erring

to hu#an, relational, and structural capital. It is &orth #entioning that, unli'e the o#anian

co#panies, the panish co#panies present in their annual reports a large a#ount o* data and

in*or#ation on intangi!le capital.

e!words( Intangi!le assets, hu#an capital, relational capital, structural capital.

;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;

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ractice 2

Introduction

Intangible Assets" #ew Sources for

Development

$t present, &e li"e in the era o* intellectual

property. he access to "ital resources has

changed, since physical assets are no

longer the #ost i#portant resources. $s

Denis aitley &rites in mpires of the ind

?aitley, 166:, apud. #ith and >arr,

200:@, Apresent and *uture leaders &ill !e

#ore o*ten cha#pions o* colla!oration

than o* co#petition. ?...@ he leaders o* the

*uture &ill o!tain &hat they &ant only !y

helping others o!tain &hat they &antB.

$cuiring access to technology #eans

colla!oration &ith other co#panies, e"en&ith ri"al ones, in order to gain access to

'no&ledge-!ased resources.

Intangi!le assets ha"e acco#panied us all

along the history o* #an'ind. $

co#!ination o* inno"ation &ith the statu

0uo &as needed !e*ore intellectual

property could !e identi*ied as a special

*or# o* the intangi!le, !ut creati"ity has

al&ays e/isted ?#ith and >arr, 200:@.

he e/pert in the e"aluation o* intangi!le

resources, >atric' ulli"an ?200@, includes

in the category o* intangi!le assets the

*ollo&ing( mar1et related assets

?trade#ar's, !rands, ne&spaper titles,

Internet do#ain na#es, etc.@, customer

related assets ?custo#er lists, contracts

&ith the custo#ers, custo#er relations@,

artistic creations ?theater plays, opera,

!allet, !oo's and other literary &or's,

#usical &or's, photographs, audio-"isual

#aterials@, contractbased assets ?license,

pu!licity, #aintenance, leasing contracts,

!uilding authori5ations, !roadcast rights,&or' contracts@, and technolog3based

assets ?patented technology, co#puter

so*t&are, unpatented technology,

data!ases, co##ercial secrets, secret

*or#ulae@.

Created in 1668, ntellectual 4apital

5weden A6 is the *irst co#pany in the

&orld speciali5ed in #easuring intellectual

capital, !y using an especially designed

instru#ent IC Rating. tarting *ro# %ei*

)d"inssons theories, the &edish co#pany

structures intellectual capital into

organi5ational capital ?intellectualproperty and processes@, hu#an capital

?#anage#ent and e#ployees@, and

relational capital ?net&or's, custo#ers,

!rand@. IC Ratingis a practical plat*or# *or

#easuring and descri!ing the non-*inancial

assets that are not reported in traditional

annual *inancial state#ents, !ut &hich

!ring an i#portant contri!ution to the

long-ter# success o* the organi5ation.

Many authors tried to de*ine as precisely as

possi!le the ter# intangible capital, an

o!Eecti"e not at all easy to attain !ecause o*

the co#ple/ity o* the ter#, as &ell as o* thee#!ryonic stage o* the *ield. $s a result,

!oth practitioners and researchers pre*er

to use, as a starting point in their

approaches, "arious classi*ications o*

intangi!le capital according to co#ponents,

the #ost o*ten used !eing the one &here

intangi!le capital is #ade up o* hu#an

capital, structural capital, and relational

capital. here are other classi*ications as

&ell, !ut the di**erences are o*ten rather

related to the *or# than to the contents.

sually, intangi!le capital is considered

eui"alent to intellectual capital, !ut

speciali5ed literature ?Gunter et al., 200:@

sho&ed that !et&een the# there is an

inclusion relation, not euality. Intellectual

capital could !e assi#ilated to hu#an

capital, #eaning the totality o* the

e#ployees 'no&ledge and s'ills.

In ta!le 1, &e ha"e synthesi5ed the #ain

ideas o* the #ost reno&ned researchers in

the *ield, considering that their !asic

speciali5ation is interesting. $s &e can

notice, accounting generally operates &iththe ter# Aintangi!le assetsB, &hile

#anage#ent #ainly uses the notion o*

Aintellectual capitalB.

In our study, &e re*er !oth to intangi!le

assets, &hich #eet the ac'no&ledge#ent

criteria in the !alance sheet, and to

intangi!le capital, regarded through a set o*

non-*inancial indicators.

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3 ractice

$able %" &sage of the $erms" Intellectual Capital' Intangible Capital' and Intangible

Assets in the Studies of the Most Renowned Researchers in the (ield

5ource: 7he authors8 projection

#o

)

#ame of the

researcher

*rigin Speciali+ation &sed terminolog! ,main ideas

1 Henneth al!raith

?Dunn and

>ress#an, 200:@

Canada-

$

)cono#ist tresses the i#portance o* the in"est#ents in hu#an

capital. Ge is the *irst to use the concept o* intellectual

capital in 166 ?Myles and atric' ulli"an $ )"aluation Intellectual capital, intellectual property

14 )li5a!eth e!ster $ustralia Director o* the Institute

o* $pplied )cono#ics

and social research.

Considers intellectual capital as a co#ponent o*

intangi!le capital ?Gunter et al. 200:@.

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ractice J

$he (inancial Reporting of Intangible

Capital in International $heor!

ne o* the characteristics o*

conte#poraneous organi5ations is theira#!ition to de"elop ad"anced

#anage#ent syste#s and practices, an

o!Eecti"e that i#poses *ocusing the e**orts

in the direction o* the 'no&ledge

#anage#ent and o* the #anage#ent o* the

intangi!le capital. $s a result, strategies are

no longer designed only *or positioning the

co#pany in relation to its co#petitors, !ut

are correlated to intangi!le assets and

intellectual capital as the e#ployees 1now

how, relations &ith custo#ers and

pro"iders, in*or#ation technologies, and

!rand ?Marr et al., 2003@. 7y their nature,such resources are hard to reproduce,

ha"ing the potential to create

e/traordinary "alue.

)"er since 166J, the $#erican Institute o*

Certi*ied >u!lic $ccountants ?$IC>$@,

noticed( Athe se"ere co#petition and the

*ast ad"ances o* technology ha"e lead to

dra#atic changes. In order to sur"i"e and

!e in co#petition, co#panies change

e"erything the &ay in &hich they are

organi5ed and ad#inistrated, the &ay in

&hich they &or' and de"elop ne&

products, the &ay in &hich they #anage

ris' and the relationships &ith the other

organi5ations...theyN change their

in*or#ation syste#s and the type o*

in*or#ation they use to lead their !usiness

O Can !usiness reporting re#ain i##une

to all these *unda#ental changesPB?#ith

and >arr, 200:@.

he current *inancial-accounting syste# is

una!le to e/plain Athe ne& resourcesB as

relationships, internally generated assetsand 'no&ledge, an aspect signaled !y the

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: ractice

Co##erce and Industry, &hose creation

in"ol"ed 18 Danish co#panies ?1668-

2000@, re"eals a deep understanding o* the

*act that there are aspects o* the

co#panies "alue that cannot !e renderedin the accounting sheet ?Cohen, 200:@.

o#e o* the indicators used !y the Danish

uide *or #easuring intangi!le capital are(

the percentage o* sta** &ith acade#ic

studiesR the in"est#ent in training per

e#ployeeR the sta** *lo&R social e"ents,

including the#e days ?pro"es &hat the

co#pany does to de"elop the e#ployees

social net&or'@R colla!oration agree#ents

&ith !usiness ad#inistration uni"ersities

and *acultiesR the nu#!er o* patents

appro"ed at presentR in*or#ation

docu#ents a"aila!le onlineR the productinno"ation ratio.

7et&een the t&o Are*erencesB in the *ield o*

reporting o* intangi!le capital there are

so#e di**erences. First o* all, the M)IM

proEect uses the ter# AreportB &hen

suggesting the reporting #odel, &hile the

Danish uide uses the ter# o* state#ents.

hat is the di**erence !et&een a report

and a state#entP

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ractice

In per*or#ing the )SHK-K) acti"ities,

nu#erous cases o* adopting the guide

suggested !y M)IM &ere identi*ied,

the #ost elouent !eing in pain. he

regional go"ern#ent o* the co##unity o*$ndalusia, through the $ndalusia $gency

*or !usiness pro#otion, reco##ended

co#panies to apply the M)IM guide,

analy5e it, and #a'e suggestions. n the

other hand, the panish Ministry o*

)cono#y *or#ed a group o* e/perts &ith

the #ission to dra& the Ahite 7oo'B o*

the accounting re*or#. he Ahite 7oo'B

pro#otes the intangi!le capital reporting

practices, starting *ro# the pro"isions

included in the M)IM guide. he

M)IM guide &as tested at a large

e/tent in pain( the largest co#panies inthe industry o* electric *acilities &ere

counseled !y the $utono#ous ni"ersity o*

Madrid in the process o* dra&ing the

reports on intangi!le capital. $t the sa#e

ti#e, inter"ie&s &ere organi5ed to test the

M)IM guide on s#all and #ediu#

enterprises in the ele*onica group.

he M)IM reco##endations &ere also

ta'en integrally !y the F$M) proEect,

*unded !y the Korthern Industrial Fund,

and the Kor&egian Ministry o* )cono#y

considers the M)IM guide as a starting

point in dra&ing a national report on

intangi!le capital. 7oth the M)IM

guide and the #ethodology suggested !y

the Danish uide &ere ta'en !y the

$strophysics Institute and the echnology

Institute *or regenerati"e resources in

pain.

In the 'no&ledge econo#y, intangi!le

capital is a "ery i#portant *actor o* "alue

creation. raditional *inancial-accounting

state#ents do not pro"ide rele"antin*or#ation *or #anagers and in"estors

that &ould e/plain ho& their resources, o*

&hich #ost are intangi!le, &ill create "alue

in the *uture. Intangi!le capital state#ents

co#e to co#plete *inancial-accounting

reporting, as a co##unication instru#ent

outside the organi5ation o* the 'no&ledge-

!ased strategy, as &ell as o* internal

#anage#ent ?Mouritsen et al,. 200J@.

In our study, &e ha"e analy5ed, on the one

hand, the e/tent to &hich co#panies

co#ply &ith the I$ 34 pro"isions

re*erring to intangi!le assets and, on the

other, the "olu#e and type o* in*or#ationpro"ided !y the co#panies concerning

their in"ol"e#ent in the li*e o* the

co##unity, in preser"ing and protecting

the en"iron#ent, in #anaging and

e"aluating the hu#an resources, in

research and de"elop#ent acti"ities, etc.

Research Methodolog!

e ha"e analy5ed the annual *inancial

state#ents corresponding to the *iscal year

closed on 12.31.2011, dra&n according to

I$IF pro"isions, *or 16 co#panieslisted in the 7ucharest toc' )/change and

28 panish co#panies uoted in the

Madrid toc' )/change, co#ponents o* the

I7)9 3: #ar'et inde/, and &e ha"e

co#puted the #ean degree o*

disse#ination o* the in*or#ation on

intangi!le assets !ased on the points

o!tained !y each co#pany to a set o*

uestions, designed in the spirit o* the I$

34 pro"isions. In the data collection stage,

&e resorted to #ediated data collection

techniues *ro# the annual *inancial

state#ents and reports, and in the

processing and analysis stage &e used the

e#piric co#parati"e analysis, in order to

identi*y the rese#!lances and di**erences

!et&een the in*or#ation pu!lished !y the

co#panies in the t&o countries su!Eect to

the study and the uantitati"e analysis. he

data &as processed using the >-

5tatistical Pac1age for the 5ocial 5ciences

software.

In our approach, &e ha"e studied the

consolidated *inancial state#ents o* theco#panies in the analy5ed sa#ple and &e

ha"e tried to see i* they #eet the #ini#u#

in*or#ation criteria regarding the

inclusion, in the e/planatory notes, o*

signi*icant ele#ents related to intangi!le

assets, i#posed !y the international

standard I$ 34 ntangible assets. In order

to achie"e this o!Eecti"e, &e ha"e !uilt a set

o* 4 uestions(

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8 ractice

-%. Does the entity #a'e a distinction

!et&een internally generated intangi!le

assets and the acuired onesP

-.. Is there any #ention #ade o* &hetherthe use*ul li*eti#e is undeter#ined or

deter#ined, and in case it is deter#ined, o*

the use*ul li*eti#e or the depreciation

ratios used, as &ell o* as the depreciation

#ethod e#ployed *or intangi!le assets

&ith deter#ined use*ul li*eti#eP

-/. Does the entity descri!e the *actors

that played a signi*icant role in *inding out

&hether the use*ul li*eti#e o* an intangi!le

asset is undeter#inedP

-0. Does the co#pany present the#o"e#ents, rises and reductions in the

period, pro"iding details that &ould

e/plain the dyna#ics o* intangi!le assetsP

-1. Is the gross accounting "alue

presented, as &ell as any cu#ulated

depreciation ?aggregated &ith the

cu#ulated losses *ro# i#pair#ent@ at the

!eginning and at the end o* the periodP

-2. Does the entity present the i#pair#ent

adEust#ents acco#panied !y a shorte/planation o* the corresponding causesP

-3. Is the aggregated "alue o* research and

de"elop#ent costs ac'no&ledged as

e/penses *or the presented periodP

-4. Is there any description o* any

co#pletely depreciated intangi!le asset

that is still used, and a !rie* description o*

the signi*icant intangi!le assets controlled

!y the entity, !ut not ac'no&ledged as

assets !ecause they did not #eet the

ac'no&ledge#ent criteria in the presentstandard, or !ecause they ha"e !een

acuired or generated !e*ore the co#ing

into *orce o* the "ersion issued in 1664 o*

I$ 34 ntangible assets=

)ach ans&er has !een su!seuently noted

&ith points *ro# 0 to 1, 1 representing a

satis*ying, co#plete, and detailed ans&er.

he notation grid is presented in ta!le 2(

$able ." Criteria for Assigning 5oints

5oints granted Criteria

0,00 Ko ans&er

0,2: %apidary, general ans&er

0,:0 >artial ans&er

0,8: Detailed !ut inco#plete ans&er

1 Co#plete and detailed ans&er

he sa#ple su!Eect to analysis is co#posed

o* o#anian and panish co#panies that

apply IF( 16 o#anian co#panies

uoted in the 7ucharest toc' )/change

and 28 panish co#panies uoted in the

Madrid toc' )/change.

In esta!lishing the sa#ple *or o#ania, &e

too' into account the co#panies uoted in

the 7ucharest toc' )/change, section 7),

categories I, II, and III. * the total 10

co#panies ?on 08.20.2012@, 2: are no

longer listed, and 12 are *inancial

in"est#ent societies ?FI@ or !an's and

&ere e/cluded *ro# the studied sa#ple as

a result o* the *act that they apply speci*ic

accounting regulations. For the 6

re#aining co#panies, &e analy5ed the

*inancial state#ents pu!lished on their

o&n e! sites or on the toc' )/change

e! site and &e identi*ied 1J co#panies

that dra& consolidated *inancial

state#ents co#pliant &ith the

International Financial eportingtandards. ince the si5e o* the resulting

sa#ple &as "ery lo&, &e set as a starting

point the acti"ity *ields o* the already

selected co#panies and e/tended the

analysis on the co#panies uoted in the

7ucharest toc' )/change, section

$D$T, *ro# the *ollo&ing acti"ity

!ranches( e/traction industry, processing

industry, production and supply o* electric

and ther#al energy, constructions,

&holesale and retail trade, transport,

hotels and restaurants, and pro*essional,

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ractice 4

scienti*ic, and technical acti"ities. e

identi*ied : #ore co#panies that apply

I$IF, resulting in a *inal sa#ple *or

o#ania #ade up o* 16 trading co#panies,

o* a total 2:2 analy5ed co#panies.

In esta!lishing the sa#ple *or pain, &e

considered the co#panies uoted in the

Madrid toc' )/change that are part o*

I7)9 3:. * the 3: co#panies, 8 are

*inancial institutions and one is an

insurance co#pany, and &e eli#inated

the# *ro# the analysis !ecause o* the

nature o* their acti"ity. $ll the 28

re#aining co#panies dra& consolidated*inancial state#ents, apply IF, and ha"e

*inancial state#ents pu!lished on their

o&n e! site, there*ore our *inal sa#ple

*or pain is #ade up o* 28 trading

co#panies.

(igure %" 6raphicall! Represents the Structure per Countr! of the Anal!+ed Sample)

(ig %) Sample Structure

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6 ractice

he a"erage degree o* disse#ination &as

co#puted as an arith#etic #ean o* the

ans&ers identi*ied to the uestions in the

set. $ *irst analysis re"eals signi*icant

di**erences at the le"el o* this indicator?ta!les 3 and J@( &hile the a"erage "alue o*

the degree o* disse#ination is 32.:8U *or

the analy5ed o#anian co#panies, the

panish co#panies in the sa#ple present

in*or#ation in intangi!le assets according

to I$ 34 to a percentage o* 1.11 U.

$able /:Average Degree of Dissemination 7 Romania

# Minimum Ma8imum Mean Std) Deviation

D 16 .00 .: .32:8 .1J:21

Lalid K ?list&ise@ 16

he #ini#u# "alue o* the a"erage degree

o* disse#ination o* the in*or#ation on

intangi!le assets according to I$ 34 is

eual to 0, since the )%)C$>$$$alues of Intangible Capital for the Anal!+ed Sample

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ractice 1J

he > output sho&s that the highest

"alue o* intangi!le capital reached !y

o#anian co#panies is 0.1, &hile #ost

I!erian co#panies ?21 co#panies out o*

28@ ha"e "alues higher than this threshold.he high di**erence !et&een the "alues o*

intangi!le capital o!tained !y each country

is Eusti*ied, on the one hand, !y the *act that

only one o#anian co#pany ?ML

>)M@ presents a social responsi!ility

report, and J other co#panies present, on

their o**icial e! page, sections &ith "ague

in*or#ation on social responsi!ility, &hile

all the panish co#panies present such

reports. $lso, &e noticed that so#e I!erianco#panies ?e.g.( a#esa, Ferro"ial@

present, on their o**icial page, a #enu titled

Ahu#an capitalB. Ko o#anian co#pany

and only : panish co#panies present the

I inde/ - lobal Reporting nitiati9e.

(ig 2) Spanish Companies that Appl! the 6lobal Reporting Initiative

he lo!al eporting Initiati"e ?I@ is a

non-pro*it organi5ation that pro#otesecono#ic, en"iron#ental, and

social sustaina!ility. I pro"ides all

co#panies and organi5ations &ith a

co#prehensi"e sustaina!ility reporting

*ra#e&or' that is &idely used around the

&orld. Is ustaina!ility eporting

Fra#e&or' ena!les all co#panies and

organi5ations to #easure and report their

sustaina!ility per*or#ance. 7y reporting

transparently and &ith accounta!ility,

organi5ations can increase the trust thatsta'eholders ha"e in the#, and in the

glo!al econo#y.

he #ean "alues o* the degree o*

disse#ination o* the in*or#ation on

intangi!le assets intangi!le capital per

acti"ity !ranch are presented in the ta!les

and *igures !elo&(

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1: ractice

$able %0: >alues of Intangible Capital in Romanian Companies' per Activit! (ield

IC * ACTIVITY FIELD Crosstabulation

Count

0 0 0 0 0 0 1 0 1

0 1 0 0 0 0 0 0 1

0 1 0 1 0 0 0 0 2

0 1 0 0 0 0 0 0 1

0 0 0 0 0 0 0 1 1

0 0 1 0 1 0 0 0 2

0 1 0 0 0 0 0 0 1

0 0 0 1 0 0 0 0 1

0 0 0 0 1 0 0 0 1

0 1 0 0 0 0 0 0 1

1 0 0 0 0 0 0 0 1

1 1 0 0 0 0 0 0 2

0 1 0 0 0 0 0 0 1

1 0 0 0 0 0 0 0 1

0 1 0 0 0 0 0 0 1

0 0 0 0 0 1 0 0 1

3 8 1 2 2 1 1 1 19

.06

.08

.14

.16

.17

.22

.24

.27

.28

.31

.32

.36

.47

.56

.58

.61

IC

Total

XTRACTION

INDUSTRY

ROCESSING

INDUSTRY

ENERGY

PRODUCTION

AND SUPPLY

CONSTRUC

TIONS COMMERCE RANSPORT

HOTELS AND

ESTAURANTS

PROFESSIO

NAL,

SCIENTIFIC,

AND

TECHNICAL

ACTIVITIES

ACTIVITY FIELD

Total

(ig 3) >alues of the Mean Degree of Dissemination of the Information on Intangible

Assets in Romanian Companies' per Activit! (ield

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ractice 1

(ig 4) >alues of the Mean Degree of Dissemination of the Information on IntangibleAssets in Spanish Companies' per Activit! (ield

$able %1" >alues of Intangible Capital in Spanish Companies' per Activit! (ield

IC * ACTIVITY FIELD Crosstabulation

Count

0 1 0 0 0 0 0 1

0 0 0 0 0 0 1 1

0 1 0 0 0 0 0 1

0 1 0 0 0 0 0 1

0 0 0 0 0 1 0 1

0 0 1 0 0 0 0 1

0 1 0 0 0 0 0 1

0 1 0 0 0 0 0 1

0 0 0 0 0 0 1 1

0 0 0 1 0 0 0 1

0 0 1 0 0 0 0 1

1 1 1 0 1 0 0 4

0 0 0 0 1 0 0 1

0 1 0 0 0 0 0 1

0 0 0 0 2 0 0 2

0 0 0 0 1 0 0 1

0 1 0 0 0 0 0 1

1 0 0 0 1 0 0 2

0 2 0 0 0 0 0 21 0 0 0 0 0 0 1

0 1 0 0 0 0 0 1

3 11 3 1 6 1 2 27

.10

.26

.27

.32

.44

.60

.61

.63

.64

.67

.69

.78

.85

.85

.86

.86

.87

.89

.92

.96

.97

IC

Total

TECHNOLOGY AND

COMMUNICATIONS

INDUSTRY AND

CONSTRUCTIONS

CONSUMER

SERVICES

FINANCIAL

SERVICES

AND REAL

ESTATE

PETROL

AND

ENERGY DISTRIBUTION

CONSUMER

GOODS

ACTIVITY FIELD

Total

Fro# the analysis o* the in*or#ation per

acti"ity *ield, &e can notice that there is no

coherent practice o* the co#panies in the

sa#e acti"ity sector. For e/a#ple, o* the 28

panish co#panies included in the

analysis, 11 co#panies are in the !ranch

AIndustry and constructionsB. ithin this

su!-sa#ple, only 2 co#panies present an

eual "alue o* intangi!le capital, *or the

rest, the "alues o* the indicator co"er

al#ost all the inter"al 0.1R 0.68N. In &hat

concerns the #ean degree o*

disse#ination, &e can notice that #ost

panish co#panies in the pre"iously

8/13/2019 567342

17/19

18 ractice

#entioned acti"ity *ield present a "alue o*

this indicator o* 0.:, the #a/i#u# "alue

reached !y the co#panies in this acti"ity

*ield !eing eual to 0.8:.

Conclusions and Discussions

In order to identi*y the policies used !y

co#panies in the reporting o* intangi!le

assets and to deter#ine the e/tent to &hich

co#panies *orced to apply the

International Financial eporting

tandards co#ply &ith the I$ 34

pro"isions, &e ha"e analy5ed the

consolidated *inancial state#ents, dra&n

according to IF !y 16 o#anian

co#panies uoted in the 7ucharest toc'

)/change and 28 panish co#paniesuoted in the Madrid toc' )/change,

co#ponents o* the I7)9 3: inde/. e ha"e

deter#ined the &eight o* the intangi!le

assets in the *i/ed assets and ha"e

co#puted the #ean degree o*

disse#ination o* the in*or#ation on

intangi!le assets !ased on the scores

o!tained !y each co#pany to a set o*

uestions, designed in the spirit o* the I$

34 pro"isions.

$*ter analy5ing the collected data &ith the

5tatistical Pac1age for the 5ocial 5ciences

?>@ statistic so*t&are, &e noticed

signi*icant di**erences in &hat concerns the

reporting o* intangi!le assets. First o* all,

the degree o* disse#ination o* the

in*or#ation on this category o* assets is

lo&er in the case o* the sa#ple o*

autochthonous co#panies ?32.:8U@

co#pared to that o* panish co#panies

?1.11U@. he *inancial-accounting reports

o* the panish co#panies contain a "ast

a#ount o* in*or#ation re*erring to

intangi!le capital and co#ply to a greatere/tent &ith the pro"isions o* international

nor#s in the *inancial reporting o*

intangi!le assets. o the 4 uestions in the

set, created in the spirit o* the I$ 34

pro"isions, the I!erian co#panies

generally gi"e #ore analytical ans&ers.

$lso, they present signi*icant &eights o* the

intangi!le assets into the *i/ed assets.

7esides the *inancial reporting o*

intangi!le assets, &e ha"e !een concerned

&ith analy5ing non-*inancial in*or#ation

re*erring to hu#an, relational, and

structural capital. It is &orth #entioning

that, unli'e the o#anian co#panies, the

panish co#panies present in their annual

reports a large a#ount o* data andin*or#ation on intangi!le capital.

Moreo"er, as sho&n on the o**icial page o*

I7)D%$, this co#pany, together &ith

other *i"e co#panies, co#ponents o* I7)9

3:, created the ACorporate )/cellence

Centre *or eputation %eadershipB

*oundation, considered a la!oratory o*

ideas dedicated to the pro#otion o* the

#anage#ent o* intangi!le assets as

strategic "alues in reaching e/cellence.

he > output re"ealed that there are no

correlations !et&een the &eight o* theintangi!le assets into the *i/ed assets and

the #ean degree o* disse#ination o* the

in*or#ation on i##aterial assets, nor

!et&een the #ean degree o* disse#ination

and the "alue o* intangi!le capital.

econdly, &e ha"e also #onitored the audit

co#panies contracted to "eri*y the annual

*inancial state#ents( all the panish

co#panies and 84.6JU o* the

autochthonous co#panies ha"e auditors in

the 7I J.

ne o* the li#itations o* our study is the

s#all si5e o* the sa#ple *or o#anian

co#panies. e consider that this issue &ill

!e o"erco#e starting &ith the *inancial

state#ents *or 2012, considering that,

according to art. 1 o* MF> 4412012

regarding the application b3 the trading

companies whose tangible assets are

allowed for transactions on a mar1et

regulated b3 the nternational >inancial

Reporting 5tandards, starting &ith the *iscal

year 2012, the co#panies &hose tangi!le"alues are allo&ed *or transactions on a

regulated #ar'et, ha"e the o!ligation to

apply the International Financial eporting

tandards ?IF@ in dra&ing the annual

indi"idual *inancial state#ents.

he points granted *or the eight uestions

related to the disse#ination o* the

in*or#ation re*erring to the intangi!le

assets, as &ell as *or the indicators o*

intangi!le capital, #ay deter#ine a certain

degree o* su!Eecti"ity in &hat concerns the

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18/19

ractice 14

collected in*or#ation. !"iously, this

aspect #ay !ias, to a s#all e/tent, in our

opinion, the results o* the research.

Future research directions &ill consider adyna#ic analysis o* the *inancial reports on

the intangi!le assets and intangi!le capital

o* the co#panies.

Acknowledgment

his &or' &as supported !y the

theEuropean Social (und inRomania,

under the responsi!ility o* the Managing

$uthority *or the ectorial perational

>rogra##e *or:uman Resources

Development 2008-2013 grant

>DC>> 108DMI 1.:843J2NX.

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