Abstract
Purpose: The purpose of this paper is to review literature devoted to intangibles and their valuation and give examples of the methods that can be used for valuation of individual intangibles in financial terms.Design/methodology/approach: Paper presents a systematic review of articles dedicated to intangibles and their valuation.Findings: This review shows that there is a need for consensus in definitions of intangibles, intangible assets, knowledge assets and other related terms. These terms are used interchangeably in spite of their different meanings. Many methods for valuation of intangibles can be found in the literature, but widely accepted list of basic intangibles with suggested methods for their valuation in financial terms is still missing.Research limitations/implications: Not all the papers related to this topic could be covered in this paper. Presented list of important intangible components may be enhanced and examples of some other methods for their valuation may be added in the future.Practical implications: Paper calls for development of framework comprising list of the most important intangibles, proposals of methods used for their valuation and examples of their use. This framework can be helpful for organization, which are confronted with a difficult task of intangibles valuation.Originality/value: Basic definitions and differences between intangibles, intangible assets, identifiable intangible assets, knowledge assets and intellectual capital have not been mentioned in one paper yet. List of intangibles and methods for their valuation gives a direction for future work that can be fruitful for valuation of intangibles.
Highlights
By the end of the last century the economic literature has witnessed an increased interest in intangible assets, intellectual capital, knowledge assets, and other related terms
International Accounting Standards are interested only in identifiable intangible assets which have to fulfil the requirements of identifiability, control, and existence of expected future economic benefits
Knowledge assets are stock of knowledge, so they are a subset of intangible assets in the broad sense
Summary
By the end of the last century the economic literature has witnessed an increased interest in intangible assets, intellectual capital, knowledge assets, and other related terms. This paper is interested in the methods for valuation of individual intangible resources in financial terms. Outputs of these methods can be used in accounting Their disadvantage is that by translating everything into financial terms they can be superficial. The section is devoted to intangible assets and related concepts that have been mentioned above. The definitions of these terms are presented and the differences between them are pointed out. This effort is in contrast to frequently used approach that considers all these terms as synonyms and mentions them interchangeably. Proposals of financial valuation methods are offered for each asset or group of assets
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