Novosibirsk State University of Economics and Management, Novosibirsk, Russia:

Ya. I. Ustinova, Associate Professor, Candidate of Economic Sciences, ustinova_pr@mail.ru

To date, the analysis of the content of traditional financial statements in relation to intangible assets forces to recognize its insufficiency to comprehensively reflect the intangible intellectual resources of the company, which requires the provision of additional information to users of the statements. However, the volume, structure, and form of providing this information are subject to serious scientific discussions. The purpose of the work is a comprehensive study of theoretical and practical recommendations for disclosing information on the intellectual capital of a company, corresponding to the information needs of reporting users and determining their favorable perception of the company’s prospects in general. The article substantiates the need to disclose information on the intellectual capital of the company in addition to traditional financial statements in order to provide investors and creditors of the company with the opportunity to adequately assess the financial position of the company and its future development prospects. At the same time, an analysis is given of the work of Russian and foreign scientists studying the problems solved in the report on intellectual capital, its composition and structure, their dependence on the industry sector of the company, its scope and specifics of the activity, as well as the impact of the report on the perception of the company by reporting users. In the course of empirical research, the hypothesis that the growth of intellectual capital in mining companies is closely related to the growth of their capitalization was fully confirmed. The study of empirical materials on foreign mining companies as a whole shows that they reflect less information on intellectual capital in reporting compared to other industrial companies, while recognizing its high importance. In this regard, companies are constantly working to change the current situation. The article formulates recommendations on the content of the report on intellectual capital, which corresponds to the greatest extent to the information needs of the reporting users and determines their favorable perception of the prospects of the company as a whole.

1. Kaplan R. S., Norton D. P. The Balanced Scorecard – Measures that Drive Performance. Harvard Business Review. 1992. Vol. 70, No. 1. pp. 71–79.
2. Edvinsson L., Malone M. S. Intellectual Capital : Realizing Your Company’s True Value by Finding Its H idden Brainpower. New York, 1997. 240 p.
3. Wyatt A., Abernathy M. A. Accounting for intangible assets: a conceptual framework for measurement and reporting on intangible assets : Working Paper No. 12/03. Melbourne : Intellectual Property Research Institute of Australia, 2003. 33 p.
4. Oliveras E., Gowthorpe C., Kasperskaya Yu, Perramon J. Reporting intellectual capital in Spain. Corpor ate Communications: An International Journal. 2008. Vol. 13, No. 2. pp. 168–181.
5. Marr B., Gray D., Neely A. Why do firms measure their intellectual capital? Journal of Intellectual Capital. 2003. Vol. 4, No. 4. pp. 441–464.
6. Hunter L., Webster E., Wyatt A. Measuring Intangible Capital: A Review of Current Practice. Australian Accounting Review. 2005. Vol. 15, Iss. 36. pp. 4–21.
7. Starovic D., Marr B. Understanding corporate value: managing and reporting intellectual capital. London : The Chartered Institute of Manage ment Accountants, 2005. 28 p.
8. Abeysekera I. Intellectual Capital Accounting: Practices in a developing country. Abington : Routledge, 2008. 214 p.
9. Cormier D., Ledoux M.-J. The Influence of Voluntary Disclosure about Intangible Capital on Market Assessment of Intangible Assets Reported in French Financial Statement: The role Played by IFRS : Corporate Reporting Chair. Montreal : ESG UQÀM, 2010. 36 p.
10. Artsberg K., Mehtiyeva N. A literature review on intangible assets. Critical questions for standard setters. Lund : Lund University School of Economics and Management, 2010. 34 p.
11. Krstić J., Đorđević M. Financial Reporting on Intangible Assets – Scope and Limitations. Facta Universitatis. Series: Economics and Organization. 2010. Vol. 7, No. 3. pp. 335–348.
12. Heinrich R. Valuation in Intellectual Property Accounting. UNECE, 2011. Available at: https://www.unece.org/fileadmin/DAM/ceci/ppt_presentations/2011/SubRegConf_Bishkek/Heinrich_Accounting.pdf (accessed: 06.04.2020).
13. Subash Chander, Vishakha Mehra. A study on Intangible Assets Disclosure: An Evidence from Indian Companies. Intangible Capital. 2011. Vol. 7, No. 1. pp. 1–30.
14. Efimova O. V. Matrix approach to formation and information disclosure of resources in integrated reporting. Auditorskie vedomosti. 2017. No. 3. pp. 23–34.
15. Bulyga R. P. Method activation end date in the past. direction:re. Auditor. 2015. Vol. 1, No. 11. pp. 18–29.
16. Samusenko S. A. Accounting of capitals as an information basis of preparing of integrated reporting. Auditorskie vedomosti. 2017. No. 7. pp. 62–71.
17. Kuzubov S. A., Evdokimova M. S. Does the Company Value Increase through the Publication of Non-Financial Reports under GRI Guideline s? (On the Example of BRICS Countries). Uchet. Analiz. Audit. 2017. No. 2. pp. 28–36.
18. Sullivan P. H. Jr, Sullivan P. H. Sr. Valuing intangibles companies – An intellectual capital approach. Journal of Intellectual Capital. 2000. Vol. 1, No. 4. pp. 328–340.
19. Baruch Lev. Intangibles: Management, Measurement, and Reporting. W ashington : Brookings Institution Press, 2001. 217 p.
20. Baruch Lev, Daum J. H. The dominance of intangible assets: consequences for enterprise management and corporate reporting. Measuring Business Excellence. 2004. Vol. 8, No. 1. pp. 6–17.
21. Baruch Lev, Shiva Raygopal. FASB is called to move to principle-based regulation. 2016. Available at: https://gaap.ru/news/149381 (accessed: 20.07.2019).
22. Stewart T. A. Intellectual Capital: The New Wealth of Organizations. New York : Doubleday, 1997. 279 p.
23. Sveiby K. E. The New Organizational Wealth: Managing & Measuring Knowledge-Based Assets. San Francisco : Berrett-Koehler, 1997. 228 p.
24. Holland J. Financial institutions, intangibles and corporate governance. Accounting, Auditing & Accountability Journal. 2001. Vol. 14, No. 4. pp. 497–529.
25. Brovkin A. V., Ryakhovskaya V. V. Intellectual capital : measurement, recognition and reporting. Ekonomika i predprinimatelstvo. 2017. No. 6(83). pp. 400–407.
26. Castilla-Polo F., Ruiz-Rodríguez M. C. Intangible Assets Disclosures in the Olive Oil Differentiation Strategy: A Theoretical Review. Agricultural Research & Technology: Open Access Journal. 2018. Vol. 14, Iss. 1. pp. 12–19.
27. Dženopoljac V., Shahnawaz Muhammed, Stevo Janošević. Intangibles and performance in oil and gas industry. Management Decision. 2019. Vol. 57, No. 5. pp. 1267–1285.
28. Nadia Azalia Putri, Tatang Ary Gumanti, Isti Fadah, Supriyadi. Do Intellectual Capital, Corporate Social Responsibility, and Good Corporate Governance Affect Indonesia’s Mining Companies Value? Accounting and Finance Review. 2017. Vol. 2(2). pp. 57–63.
29. Garafieva G. I., Avilova V. V. Role of SWOT-analysis in development of the intellectual capital growth strategy (in terms of petrochemical industry). Vestnik Kazanskogo tekhnologicheskogo universiteta. 2012. Vol. 15, No. 3. pp. 170–175.
30. McGuire T., Brenner L. Talent Valuation: Accelerate Market Capitalization through Your Most Important Asset. New Jersey, 2015. 240 p.
31. Buallay A. M. The relationship between intellectual capital and firm performance. Corporate Governance and Organizational Behavior Review. 2017. Vol. 1, Iss. 1. pp. 32–41.
32. Subaida I., Mardiati N. E. Effect of Intellectual Capital and Intel lectual Capital Disclosure on Firm Value. Journal of Applied Management. 2018. Vol. 16, No. 1. pp. 125–135.
33. Garanina T. A. Intangible assets and intellectual capital : role in creation of value of a company. Vestnik Sankt-Peterburgskogo universiteta. Menedzhment. 2010. Series. 8. No. 2. pp. 78–105.
34. Rizun M. Intellectual Capital as a key factor of business processes at mining enterprises. Studia Ekonomiczne. 2014. Vol. 188. pp. 145–156.
35. April K. A., Bosma P., Deglon D. A. IC measurement and reporting: establishing a practice in SA mining. Journal of Intellectual Capital. 2003. Vol. 4, No. 2. pp. 165–180.
36. Brennan N. Reporting intellectual capital in annual reports: evidence from Ireland. Accounting, Auditing and Accountability Journal. 2001. Vol. 14, No. 4. pp. 423–436.
37. Guthrie J., Petty R., Ricceri F. The voluntary reporting of intellectual capital: Comparing evidence from Hong Kong and Australia. Journal of Intellectual Capital. 2006. Vol. 7, No. 2. pp. 254–271.
38. Raman Deep Singh, Karam Pal Narwal. Intellectual capital and its consequences on company performance: a study of Indian sectors. International Journal of Learning and Intellectual Capital. 2015. Vol. 12, No. 3. pp. 300–322.
39. Subhash Abhayawansa, Guthrie J. Importance of Intellectual Capital Information: A Study of Australian Analyst Reports. Australian Accounting Review. 2014. Vol. 24, Iss. 1. pp. 66–83.
40. Castelo Branco M., Delgado C., Sá M., Sousa C. An analysis of intellectual capital disclosure by Portuguese companies. EuroMed Journal of Business. 2010. Vol. 5, No. 3. pp. 258–278.
41. Prosvirina I. I. Intangible assets in financial statements: problems and solutions. Ekonomicheskiy analiz: teoriya i praktika. 2006. No. 1(58). pp. 26–34.
42. Semenova A. A., Gribov P. G. Problems reporting formation about the intellectual capital. Transportnoe delo Rossii. 2011. No. 10. pp. 56–57.
43. Selivanova L. A., Gorodnichev A. A. A company analysis by the Intangible Assets Monitor by K. E. Sveiby. Baltiyskiy ekonomicheskiy zhurnal. 2010. No. 2(4). pp. 167– 178.
44. Cruz J. C. S., Dores Alves M. T. V. Intellectual capital: information disclosure practices by portuguese companies. Revista Universo Contábil. 2013. Vol. 9. pp. 174–194.
45. Whiting R. H., Woodcock J. Firm characteristics and i ntellectual capital disclosure by Australian companies. Journal of Human Resource Costing & Accounting. 2011. Vol. 15, No. 2. pp. 102–126.
46. Plotnikova L. A., Kaspin A. E. Intangible assets : Review of international experience and development prospects. Mezhdunarodnyi bukhgalterskiy uchet. 2006. No. 4. pp. 30–38.