The need of changes in traditional organization's accountability necessitated by the new economy

Abstract

Despite the growing awareness of the importance of intangible assets, they remain almost universally ignored in traditional accounting and reporting procedures. The scarcity of information on intangible investments cause serious social and private harms in the New Economy. The authors in this article analyze the main problems concerning economical and legal difficulties to reflect intangibles in traditional accounting statements, suggest this problem's solving ways and project the tendencies of reporting intangibles-related information in future accountability.