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A. Chaigneau
Croissance externe et création de valeur
L. Edvinsson, M.S. Malone
Intellectual Capital
L. Rousseau
Communication at the 2nd National Day of Intangible Assets
Karl-Erik Sveiby (1997)
The New Organizational Wealth: Managing and Measuring Knowledge-Based Assets
K. Hamilton
Where Is the Wealth of Nations? Measuring Capital for the XXI Century
R. Kaplan, D. Norton (1996)
The Balanced Scorecard: Translating Strategy into Action
A. Bismuth, G. Kirkpatrick
Intellectual Assets and Value Creation: Implication for Coporate Reporting
Purpose – According to several authors 50 per cent of mergers and acquisitions (M&A) operations destroy value. The aim of this paper is to study the reasons why it happens and to seek to reveal that intangible assets, which are increasingly important in today's economy, must be better assessed during the due diligence phase. Design/methodology/approach – The authors present a part of the French intangible assets measurement approach, which has been published by the French Intangible Assets Observatory. The methodology proposes an extended balance sheet which is an interesting addition to the IAS‐IFRS intangible standard. It identifies 12 classes of intangible assets including human capital and customer capital. Findings – The paper proposes a due diligence approach, using the French methodology and applies it to the insurance sector. Research limitations/implications – This paper is not an academic paper. However, a significant research program is now underway in France. Academic publications are expected to be submitted. Practical implications – The practice of intangible due diligence is a key issue in today's increasingly intangible economy. This practice is on the verge of a very strong development. Originality/value – The paper presents a systemic approach to intangible assets. It answers a key question: what are the main assets that are necessary to start and continue a process of value creation? Accounting only recognizes the intangible assets that are not overly volatile, for prudential reasons. But even if customers or teams are “too intangible” for accountants, they are required to generate cash flows. If they are not evaluated, the process of wealth creation is not under control. This is crucial in M&A.
Journal of Intellectual Capital – Emerald Publishing
Published: Oct 25, 2011
Keywords: Intangible assets; Intellectual capital; Acquisitions and mergers; France
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