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Intangibles: Management, Measurement, and Reporting, by Baruch Lev
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This book is the first comprehensive, scientifically based study of the nature and impact of intangibles. Weaving case studies and real-world examples with contemporary business theory, Baruch Lev - establishes an economic framework to analyze managerial and investment issues concerning intangibles; - surveys the impact of intangibles on corporate performance and market values, including management difficulties, risk, questions of property rights, marketability, and cost structure; - analyzes information deficiencies associated with intangibles, including the major economic principles governing intangible investments, limits of management information systems, and recommendations for improved accounting disclosure; - sets forth a comprehensive information system—aimed at satisfying the needs of both internal and external decision makers—to reflect the impact and value of intangibles within the context of enterprise performance.
- Sales Rank: #297286 in Books
- Published on: 2001-06-01
- Original language: English
- Number of items: 1
- Dimensions: 9.02" h x .52" w x 5.98" l, .71 pounds
- Binding: Paperback
- 231 pages
Review
"Baruch Lev's books is a worthwhile read for anyone interested in the management of intangible assets ('intangibles'), such as patents, know-how, and relationships.... Intangibles is a rewarding read for patent practitioners with an interest in patent policy, advocacy for increased patent resources, patent valuation, and patent management in relation to the innovation value chain." —Devin S. Morgan, Patent Strategy & Management, 10/1/2003
About the Author
Baruch Lev is professor of accounting and finance at New York University and the director of the Vincent C. Ross Project for Research on Intangibles. He is the award-winning author of several books and numerous research studies published in the leading accounting, finance, and economic journals.
Most helpful customer reviews
8 of 8 people found the following review helpful.
Thoughtful Treatment of a Tremendous Problem
By Craig L. Howe
There is no larger controversy in accounting or investment circles today than the treatment of intangible assets. Economists and investment analysts may debate what is new about the "New Economy", but one thing remains clear, intangible assets are assuming a critical role in the creation of wealth.
Non-physical sources of value, intangible assets are generated by innovation, unique organizations and human resource practices. This asset class often interacts with tangible and financial assets to create shareholder value and stimulate economic growth. Yet they remain conspicuously absent from required disclosures.
Baruch Lev argues in this book that his lack of public information results in improved management of corporate assets contributes to a higher cost of capital and affords abnormally large gains to insiders at the expense of outside investors. To level the playing field, Lev proposes companies periodically release, in addition to the required income, balance sheet and cash flow statements, quantitative and standardized information most relevant to the company value chain or business model.
Specifically, he would require three classes of timely disclosure on what he calls the innovative and successful company's lifeline: Discovery and Learning, Implementation and Commercialization. Under Discovery and Learning, he would require disclosure of internal renewal, acquired capabilities and networks. For Implementation, required disclosures would include intellectual property, technological feasibility and Internet metrics. For Commercialization, required disclosures would include data on customers, performance and growth prospects.
These disclosures will transform the accounting profession from one that is essentially backward looking - how much was sold at what cost - to a forward looking - the creation of value enhancing assets. This recognizes that in the current knowledge-based economy, value creation or destruction precedes transactions, often by years.
Lev's proposed disclosures would compliment current disclosures, providing a reality check on the system of value creation or destruction as products, services and processes move along the value chain.
6 of 6 people found the following review helpful.
One side of the story
By Christopher Macrae
This book was published 2001 by Brookings as part of a pair; the other being Unseen Wealth
Lev's book comprised his view, whereas Unseen Wealth included about 20 views including Lev's
Lev is primarily concerned with helping the accounting industry fill its black hole; intangibles being the difference between market value and the tangibles that the 100 years rules of tangible accounting prescribe for. Formerly this blackhole was also known as goodwill.
The trouble is as the service and globally/locally networked economies compounded over the last quarter century, goodwill (or transparent trustflows of an organisation mapped in flows of productivities and demands and across to partnering organisations) became the larger dynamic explaining how most value compounds (both finacially and in human terms like learning, community, social progress that take more than 90 days to invest in and may have diverse views of development).
I dont find in Lev's book any answers to such issues as how to resolve the wicked assumptions that all tangible accounting revolve round. These include:
people are costs, only machines are investments
separate units, separate 90 day periods rather than want to map how they interact and compound in non-lonear ways
What is really needed for tracking, strategizing, transparently governing, leading, developing intangibles (and human relationships) is an opposite type of maths that value multiplies instead of separating out bottom lines as if everything in teh world adds up perfectly in 90 days periods. Whilst Unseen Wealth is clear about the magnitude of the Intangibles Crisis, Lev is not so clear. However, his work is the middleground and epicentre if you are looking at intangibles only from the perspective of what to do if you are intent on perpetuating the traditional accounting profession as nearly as possible as is.
0 of 0 people found the following review helpful.
A unique combination of theory, evidence, and solutions
By Professor Feng Gu
With the collapse of dot coms and many other high tech companies, many wonder whether intangibles should also go by the wayside. In his book, Lev persuasively argues otherwise. In today's environment, in both old and new economy sectors, the only systematic and sustainable drivers of value and growth are intangible assets, such as patents, brands, unique supply and distribution processes, and human resource practices.
This landmark book represents the most comprehensive and thorough economic analysis of intangibles to date. Building on the author's high-impact research and first-hand experience working with executives, consultants, and regulators, the book offers a coherent framework for understanding the fundamental economics of intangible assets. Baruch Lev identifies attributes of intangibles that are different from tangible assets (property, plant, and equipment), by focusing on their distinctive role in value-creation. He highlights the most critical issue concerning intangibles: the need to make relevant information available to outsiders.
Perhaps the most difficult job in tackling a challenging issue, such as intangibles, is to recommend a practical solution. Baruch Lev proposes an information system, the Value Chain Scoreboard, to enhance information disclosure about intangibles. A notable feature of the system is its emphasis of key drivers in the creation of valuable intangible assets, as opposed to ex post measurement of performance. Although the focus is on improving external information communication, its mission of reflecting the valuation-creation process of intangibles makes the system potentially useful for managers who want to monitor the performance of investment in intangibles.
With a wonderful blend of real-world stories and easily understood economic reasoning, the book also has tremendous educational value, in a variety of business disciplines. It is an especially valuable source for those interested in learning about managing knowledge-based business.
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