Intellectual Capital Accounting How It Works

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1 Intellectual Capital Accounting How It Works Lesław Niemczyk University of Rzeszów, Faculty of Economics, Department of Finance Abstract Knowledge-based economy requires a new perspective on the issues of accounting and finance. Traditional financial accounting focused on capital significantly reduces the possibility of obtaining true and fair view of the knowledge-based enterprise in its financial statements. The article presents the theory of intellectual capital accounting as a system of equations: (1) the equation of financial capital, (2) the equation of intellectual capital and (3) the equation of relational capital. Further, the article presents basic tools of intellectual capital accounting on simple examples: (1) a personal knowledge balance sheet for a knowledge worker, (2) a book of intellectual capital and knowledge-based balance sheet for an enterprise. Key Words intellectual capital, financial accounting, knowledge-based enterprise, knowledge worker Capital-centered theory of traditional financial accounting Modern management theory is dominated by the opinion that successful functioning of an enterprise in the competitive market requires specific competences (cf. core competency). Such a statement is also significant for intellectual capital accounting. But traditional financial accounting is concentrated on financial capital. Its paradigm has been shaped throughout last 500 years (Pacioli, 2007), together with the development of capitalist economy. The capital paradigm of accounting fails to fully keep up with the evolution of real economy. In traditional capitalist economy, the balance sheet equation was the most often presented as follows: assets = owner s capital + debt capital From the logical point of view, the scheme mentioned above is beyond doubt. However, it is worth noticing that it is formulated in a specific way, which closes accountant s imagination to the economic resources reaching beyond the criterion of transferable assets (capital). Such a form of the equation was sufficient in the period of great commercial revolution and great industrial revolution. Nowadays, it is legitimately considered insufficient. In the era of knowledge-based economy, the balance sheet equation should be presented at a higher level of generalization, i.e.: assets = capitals This form of the equation allows to derive different specific equations, the scope of which reaches beyond the financial capital. Such an equation system is presented in Table 1. Table 1. Theory of postindustrial accounting expressed as system of equations General equation Specific equation Designation of specific equation traditional assets = owner s capital + debt capital the equation of financial capital assets = capitals competence assets = intellectual capital the equation of intellectual capital marketing assets = relational capital the equation of relational capital Source: author s studies. All specific equations presented in Table 1 are deductively derived from the general equation. They constitute a base for a traditional balance sheet, but also for the knowledge-based balance sheet and full 78

2 balance sheet (Niemczyk, 2011a). In the era of postindustrial economy, these are knowledge-based balance sheet and full balance sheet that represent true and fair view of the knowledge-based enterprise. Knowledge worker as an intellectual capital disposer In the system of intellectual capital accounting knowledge worker is perceived as an economic micro entity operating within the structure of the entire knowledge-based enterprise. This knowledge worker, being the disposer of his personal competences, is inevitably co-responsible for the revenues and expenses of a knowledge-based enterprise, so in consequence also for its financial result. For this simple reason, there exists an objective need of registering the economic value of knowledge workers competences, which globally constitute the core of competence of the entire knowledge-based enterprise. Basic methodology of registering the competences controlled by an individual knowledge worker (accounting micro entity) is presented in Example 1. Example 1 Young journalist, Mr. Brown, graduated from the faculty of journalism. According to the educational note issued by the university, the economic value of his studies amounts to During his studies, Brown participated also in the German language course, for which he paid in total. Then, he took part in the professional course of journalist photography for which he obtained a non-repayable grant from a public institution in the amount of Having completed the course, he found a job in the information agency (see Example 2). The head of the agency financed for the new employee additional professional training worth 500. Prepare a personal knowledge balance sheet of the journalist (Niemczyk, 2013, p. 211). Solution economic value of knowledge = economic value of skills = = owner s intellectual capital = = outside intellectual capital = 500 verification: = + 500, so competence assets = intellectual capital Competences - knowledge (journalist studies) - skills (courses and trainings) Journalist Brown PERSONAL KNOWLEDGE BALANCE SHEET Competences funding sources - owner s intellectual capital - outside intellectual capital Total assets Total intellectual capital In practice, personal knowledge balance sheet presented in Example 1 should constitute the most important element of employee records, representing job qualifications and career development of a natural person. Curriculum vitae is an efficient means of providing details on the information included in a personal knowledge balance sheet. The system of intellectual capital accounting In traditional financial accounting, current registering patterns, regulated by the standards of national and international balance sheet law, are insufficient to present a true and fair view of the knowledge-based enterprise. That is why, the instruments of postindustrial accounting reach further than traditional accounting and they include among others competence book and knowledge-based balance sheet. Example 2 presents their main principles. 79

3 Example 2 At the beginning of the accounting period, Information Agency Press Ltd controlled the following assets included in the knowledge-based balance sheet: Information Agency Press Ltd KNOWLEDGE-BASED BALANCE SHEET ( X1) Capitals Current assets Borrowed financial capital - cash short-term receivables Own financial capital - share capital Fixed assets - tangible assets - knowledge - skills - experience intellectual capital received - intellectual capital generated - experience capital Total assets Total capitals In the accounting period, the following business operations occurred: 1) employment relationship was established with young journalist Brown, whose personal knowledge balance sheet is as follows 1 : Journalist Smith PERSONAL KNOWLEDGE BALANCE SHEET Competences - knowledge (journalist studies) - skills (courses and trainings) Competences funding sources - owner s intellectual capital - outside intellectual capital - Total assets Total intellectual capital 2) The head of the agency financed for the new employee additional professional training worth 500, the training was successfully held, 3) commercial invoice for the amount of 500 was received from the training company, 4) training company s commercial invoice for the amount of 500 was paid, 5) commercial invoice was issued for the client of the agency web portal publisher for periodic access to current press information for the amount of 5.000, 6) financial result was calculated. Create bookkeeping accounts, present business operations on them and prepare knowledge-based balance sheet for the end of the accounting period. CIT and VAT issues were omitted for simplification purpose. 1 This personal knowledge balance sheet does not yet take into account the operation number two, that is why its total is lower by 500 in comparison with the personal knowledge balance sheet presented in the solution for Example 1. 80

4 Solution knowledge received OB OB (1a) (1c) CB CB skills generated OB OB (1b) (2) (2) CB CB experience experience capital OB OB - - CB CB Fixed assets tangible assets Share capital OB OB CB CB Accounts receivable Accounts payable OB (4) OB (5) (3) CB CB 0 Current account Financial result OB (4) (6b) (6a) CB CB Expenses Revenues (3) (6b) (6a) (5)

5 Trail balance can be prepared in order to verify if the bookings are correct. Current assets - cash - short-term receivables Fixed assets - tangible assets - knowledge - skills - experience Information Agency Press Ltd KNOWLEDGE-BASED BALANCE SHEET ( X1) Capitals Borrowed financial capital Own financial capital - share capital - financial result - intellectual capital received - intellectual capital generated - experience capital Total assets Total capitals Income statement for the year 20X1: + revenues expenses 500 = financial result Accounts for competence assets and intellectual capital presented in example 2 constitute a competence book which allows to have an insight into the competences controlled by an enterprise. As far as knowledge-based balance sheet is concerned, it expands a traditional balance sheet by representing true and fair view of the knowledge-based enterprise. This form of balance sheet constitutes a starting point for the postindustrial financial analysis of an enterprise (Niemczyk, 2014). Summary accounting is understood in procedural sense as a system of constant recognizing, grouping, presenting and interpreting of general and specific numeric data concerning economic resources controlled by a knowledge-based enterprise. These resources are expressed in monetary terms, balanced and have got influence on financial result. The article presents arguments for the statement that the scope of postindustrial accounting is wider than traditional accounting when it comes to the following issues (cf. Niemczyk, 2011b, p. 40): - identification and valuation of competence assets, - registering competence assets and intellectual capital, - competence assets account and determining their influence on financial result, - settlements connected with competence assets and intellectual capital, - financial reporting of intellectual capital. 2 Bibliography 1. Niemczyk L. (2011a), Rachunkowość zasobów wiedzy przedsiębiorstwa (Accounting of the enterprise s knowledge resources), Gospodarka Narodowa (National Economy) magazine, issue 5-6, p Niemczyk L. (2011b), Rachunkowość wiedzy, suplement do podręczników pt. Rachunkowość finansowa (Knowledge-based accounting, supplement to the textbooks entitled Financial accounting), published by Lesław Niemczyk, Ph.D., Rzeszów. 3. Niemczyk L. (2013), Rachunkowość finansowa aktywów kompetencyjnych i kapitału intelektualnego, nowy dział rachunkowości (Financial accounting of competence assets and intellectual capital, a new accounting discipline), Pacioli Institute, Rzeszów. 2 In a more developed version of postindustrial accounting, marketing assets and relational capital are also entered into accounting books (cf. Niemczyk, 2013). 82

6 4. Niemczyk L. (2014), Zarządzanie wiedzą 2.0 rachunkowość finansowa kapitału intelektualnego jako baza informacyjna zarządzania kapitałem intelektualnym (Knowledge management 2.0 financial accounting for intellectual capital as an information basis for intellectual capital management), E-mentor (E-mentor) magazine, issue 1, p Pacioli L. (2007), Tractatus XI, de Computis et Scripturis, Stowarzyszenie Księgowych w Polsce (The Accountants Association in Poland), Warszawa. Contact Lesław Niemczyk University of Rzeszów Faculty of Economics Department of Finance Ćwiklińskiej Rzeszów, Poland 83

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