One of the most urgent and still unsolved issues in the field of disclosure of information on the activity of a company is the valuation of intellectual capital (further – IC) and the presentation of the relevant information to the external stakeholders. A number of initiatives to perform this task have been observed in the whole world: work groups were created, standards were set and tried out in real life activity of companies of various profiles, on the grounds of the received feedback the suggestions were further developed and ultimately submitted for extensive application. That is why the current paper sets the aim of exploring worldwide initiatives of the standardization and regulation of the accounting and reporting of the IC so that to assess the prospects of the practical application of the developed models. The present research employed the common method of investigation based on analysis and synthesis of scholarly papers. Academic works and empirical researches in the fields of IC valuation, accounting and reporting were mostly used. Due to the novelty of the research topic and in order to achieve higher conciseness and visualization levels, information obtained from various articles and journals served as proof for practical valuations and observations. The paper explores various current IC reporting guidelines and frameworks, outlines their advantages and drawbacks and provides generalizations. Next, the paper foregrounds the need for reforms in the current reporting system and presents requirements imposed on this type of data disclosure. In conclusion, the paper gives a discussion of the direction of the potential reporting system reform so that the newly included IC-related information should be beneficial to various external stakeholders. As a result, two statements on IC for inclusion into annual financial reporting package are proposed: one of which is brief and concise, one to three pages long, whereas the second statement represents notes or a complementary report.
Keywords: Intellectual capital, reporting, initiatives, reform in reporting system, standardization
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