Disclosure Practices of Intellectual Capital in Indian Corporate Sector

* Dr. Shurveer S. Bhanawat

** Nidhi Bhanawat

Abstract

In era of global competitiveness, the disclosure and reporting of Intellectual

Capital is gaining importance. However, there is little support by accounting profession to

recognize the value of Intellectual Capital and adopt a common disclosure framework.

The present study is undertaken to analyze the disclosure practices adopted by Indian

firms related to Intellectual Capital from year 2003-09. Content Analysis technique has

been used to analyze the disclosure practices of eight selected sample units from Indian

Corporate Sector. Fourteen items of Intellectual Capital have been disclosed by sample

units either in their balance sheet or in form of accounting information. 62% of sample

units have been disclosing Intellectual Capital since2003. Intellectual items like brand,

goodwill, computer software, human resources are common in almost all companies but

these are not disclosed by 75% of sample units. It may be concluded that there is no

sufficient disclosure of Intellectual Capital in annual reports of sample units. Hence null

hypothesis is rejected.

* Lecturer (Selection Scale), Department of Accountancy and Business Statistics, B.N.P.G. College,
Udaipur can be reached at shurveer@gmail.com
** Guest Faculty, Department of Accountancy and Business Statistics, UCCMS, Udaipur. Can be reached
at nidhi.bhanawat15@reddiffmail.com

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 Disclosure Practices of Intellectual Capital in Indian Corporate Sector

1. Introduction
Rise of ‘Virtual’ corporations and flourishing service industry has brought
Intellectual Capital (IC) in sharp focus in recent years. For these businesses Intellectual
assets are more than ever the “Core assets” that drive business success in today’s
challenging business climate. The investment pattern of U.S Corporate Sector in 1929 and
1990 had been compared by Prof. Baurch Lev in 2001. He concluded that in 1929 among
U.S companies approximately (70%) of their investment were into tangible assets and
(30%) were into intangible assets. In contrast, in 1990 the trend was reversed, it was
found that major part of investment went into intangibles (67%) such as research and
development, IT, Software, education, competencies and internet. Further, Lev compared
that relationship between market and book value of shares. In 1970 it was 1:1 and in mid
1990 it has increased to an average of three times. These statistical information provided
an insight into recognizing the importance of Intellectual Capital. Several studies in past
shown that future growth is determined not only by historical financial accounts alone but
factors such as management skills, innovation, capability, brands and collective Know-
how of the work force. So, an organization needs to identify Intellectual Capital from its
countless assets and Knowledge based resources that can be helpful to achieve strategic
objective and competitive advantage. Such Intellectual capital should also be disclosed in
annual report so that an investor or interested party knows about the strength of the
company. This will affect the equity mobilization activities of Indian Corporate Sector. In
this context, here an attempt is made to see whether Indian Corporate units are disclosing
Intellectual Capital in their annual report or not.

2. Review of Literature
Intellectual capital (IC) or Knowledge Capital (KC) or Intangible assets (IA)
disclosure and reporting are still an ongoing discussion topic in the accounting literature
and most of the researchers are still trying to find best method to value and report
Intellectual Capital. As per accounting point of view, Intellectual Capital can be defined
as difference between the value of its tangible net assets and its market capitalization.
However, market capitalization value often fluctuates and this definition can be
problematic in identifying and recognizing Intellectual Capital. At the same time without
such recognition or identification it would be difficult to identify what Intellectual capital

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issues companies are and how they addressing those capital in their annual reports. Hence
most of researchers had given main attention towards identifying Intellectual Capital
reporting practices in the different countries using method of content analysis.

Indra Abeysekara &Guthrie (2002) conducted study using data from 30

companies listed in Colombo Stock Exchange during year 1998-99. Companies were
selected based on highest market capitalization to examine Intellectual Capital reporting
practices on the basis of content analysis.45 Intellectual capital items in the categories of
internal, external and human capital were identified. The authors found that only small
proportion of Intellectual capital reported was quantified and findings were different from
developed countries. Further (2004) conducted another research study using method of
content analysis to identify human capital disclosure patterns in Sri Lankan companies
using method of content analysis and compared the differences in disclosure patterns of
between Sri Lanka and developed nations.

Oliveras and Kasperskaya (2004) in their study used 14 annual reports from listed
companies in Spain over a five period from 1998-2002. They analysis the reports in two
aspects as using value based approach and content based analysis. Findings from their
research revealed that there is a general decrease in the hidden value of Spain companies
and level of disclosure has increased over time. However, the authors pointed out that
overall disclosure of Intellectual Capital remains low in Spain companies.

A.S. Kantawala (2006) examined how disclosure are made by few Indian
companies namely, Patni Computers Ltd., Nicholas Piramal Ltd, Finolex Cables Ltd.
,Bombay Burmah Trading Corporation Ltd. ,Deepak Fertilizers Corporation Ltd. and
Bharti – Tele Ventures Ltd. from financial year 2004 -05 . Convenience based sampling
is used for the purpose of study. She concluded from her study that for better
transparency of financial statement IC should be disclosed in annual reports of companies
either as part of ‘Management Discussion and Analysis Report’ or as part of the
Corporate Governance Report.

Madan Bhasin (2007) analyzed the trend of Intellectual Capital reporting in Indian
Corporate Sector. He found that only three Indian companies published their first
Intellectual Capital Reports in 1997. These firms are Balrampur Chini Mills Ltd., Shree
Cement Ltd. and Reliance Industries Ltd. However, he concluded that reports prepared by
these companies do not focus on business models, values, and mission and Knowledge
management issues.

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 Ali Mohobbot (2008) examined 22 Bangladesh companies listed in Dhaka stock
exchange to investigate the level of awareness of Bangladesh companies about
Intellectual Capital and their disclosures in annual reports. The major findings revealed
that companies do not have positive approach in reporting and interpreting the Intellectual
capital and reporting is limited to qualitative form rather than in quantitative form.

Bharthi Kamath, (2008) study the extent of voluntary Intellectual Capital

disclosures in India's emerging information, communication, technology sector and the
relationship between size of the firm and extent of disclosures. Content analysis of the 30
technology, entertainment, communication and other Knowledge "TECK" companies listed
on Bombay stock Exchange is carried out. A list of Intellectual Capital related terms is
searched for its presence or absence within the annual reports of these forms for the
financial year 2005-06. The list of term is determined on the extensive survey of literature
on content analysis and Intellectual capital. The study undertaken found small extent of
Intellectual capital disclosures in Indian firms. Information technology industries
disclosures are more than any other sectors disclosures, closely followed by
telecommunication industry. Entertainment industry show minimal disclosures.

Tilak Chandana, (2008) described various voluntary and mandatory reporting

practices adopted for measuring Intellectual Capital and highlighted on some recent
trends in reporting of Intellectual Capital world wide . He concluded that though the
usefulness of voluntary reporting practices is unquestionable , the prevalent practices
being followed have no common grammar , language , no third party verification , high
transaction cost involved ,no legal sanction, absence of universally accepted and
recognized measurement principles. Thus reporting of IC in India is not adequate.

Pradeep Kumar Singh (2009) explains the need and importance of intangible
assets in Knowledge era, various ways of intangible assets reporting by Indian companies
and the method for the valuation of intangible assets. The present study is based on both
primary and secondary data related to 30 leading BSE Indian companies for five years
from 2003 to 2007. Companies are further sub- grouped according to their nature and
business as Information and technology Industry, Pharmaceutical Industry, FMGC
industry, Automobile industry and Infrastructure Industry and under each sub group six
leading units are included. For, IC reporting & disclosure practice, a comprehensive
industry wise analysis is made related to amortization method, duration and categories of
intangible assets. He concluded from his article that highly innovative companies i.e IT

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 and Pharma sector are voluntary reporting information related to IC in their annual report
but traditional companies are still behind the reporting and disclosure practices related to
IC.

P.K. Rathod and Sangita Prajapati (2010), made an attempt to study the reporting
and disclosure practices of IC in selected IT companies in India .A study of annual reports
(2008-09) of IT giant- Infosys Technologies Ltd. (Infosys), Tata Consultancy Services
Ltd.(TCS), Wipro Ltd. (WIPRO), GTL Infrastructure (GTL), Cranes Software
International Ltd.(CRANES) and Sonata Software Ltd. (SONATA) has been undertaken.
The authors revealed from the study that only Infosys Ltd. has used popular method of
human resource valuation model i.e. Lev & Schwartz to compute value of human
resources and prepare balance sheet including Intangible assets comprised mainly of two
type of assets- brand value and human resources while reporting of other IT companies
were not found adequate.

3. Research Methodology
I. Objectives

 To analyze the extent of disclosure of Intellectual Capital in annual

reports of selected sample units.

 To analyze figure wise, company wise, and item wise disclosure of

Intellectual Capital of sample units.

II. Hypothesis

 There is a sufficient disclosure of Intangible assets in annual report of

sample units.

III. Selection of Sample Units

Eight sectors have been selected for the purpose of present research paper. These are
Information Technology, Cement, Automobile, Telecommunication, Textile,
Infrastructure, and Pharmaceutical and Chemical sector. One unit from each sector is
selected on the basis of convenience for the purpose of present study.

IV. Source of Data Collection

The relevant data required for present research paper have been collected from
official websites of respective companies and also from their annual reports.

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 V. Period of Study

For the purpose of present research article, the period of seven years (2003 to 2009)
have been taken into account. It seems that seven years are sufficient to analyze the trend
of disclosure practices.

VI. Tools and Techniques used

Mean, percentage and content analysis technique have been used to analyze the
disclosure practices of selected sample units.

4. Disclosure Practices Followed by Sample units have been analyzed

as follows:
Infosys Technologies Ltd.

The Infosys is one of the largest leading IT Company in India. It is known for its
transparency in financial statements and adequate disclosure and reporting of Intellectual
Capital in its annual reports. A perusal of annual reports published by Infosys for the year
2003-09 reveals the following facts:

 Economic Value added (EVA), has been disclosed by company throughout

the study period .The relevant data have been produced below:

Table 1. EVA (Rs.in crore)

Year 2003 2004 2005 2006 2007 2008 2009

EVA 454 689 1132 1540 2122 2286 3563
Source: Annual report

 Intellectual Capital Score Sheet has been disclosed in annual report. It has
been prepared according to Karl Erik Sveiby model. Under the report
Intangible assets have been classified into following categories namely:

(a) Human resources (b) Intellectual Property assets

(c) Internal assets (d) External assets

 Beside IC statement, the company also gives report on Brand valuation,

Current cost adjusted financial statement, risk management report and
Human resource accounting statement by using Lev & Schwartz model.
The evaluation is based on present value of future earnings of employees.

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  The useful lives for Intellectual Property Right (IPR) are considered 1-2
years as mentioned in ‘Significant Accounting Policies and notes to
accounts’ under heading Depreciation and amortization.

 The acquired goodwill has not been written off periodically on regular
basis but it has been amortized on basis of impairment principle.

 Other, than goodwill, Intangible assets is recorded in books at cost less

amortization. These assets are amortized over their respective individual
estimated useful lives on straight line basis.

 The Intangible items are disclosed in Fixed assets Schedule under head
‘Intangible assets’ as shown in below table:

Table 2. Intellectual Items as on 31st March –Schedule E- Fixed Assets

(Rs.in cores)

Year 2003 2004 2005 2006 2007 2008 2009

IPR 30.75 42.14 42.00 - - - -
Goodwill - 40.52 41.00 41.00 589 689 689
Total 30.75 82.66 83.00 41.00 589 689 689
Source: Annual report

Merck Ltd.

Merck is one of Pharmaceutical Company.

 The company’s Intangible assets are disclosed along with other fixed assets,
without separate titled as Intangible assets as shown in below table:

Table3.Intellectual Items as on 31st December –Schedule 5- Fixed Assets

(Rs.in cores)

Year 2003 2004 2005 2006 2007 2008 2009

Trademark 3.46 1.72 - - - - -
Software 2.12 1.91 1.3 0.69 0.26 0.42 0.30
Total 5.58 3.63 1.3 0.69 0.26 0.42 0.30
Source: Annual report

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  The company’s trademarks are amortized over an expected benefit period of 5
years while Software amortized over an estimated useful life of 3 years.

 Research & Development expenditure of revenue nature is written off in the

year in which it is incurred and expenditure of capital nature is capitalized as
fixed assets.

 Acquired Intangibles assets are recorded at cost and amortized on straight line
basis over their useful lives.

BHEL Ltd.:

Bharat Heavy Electrical Ltd. reveals following information regarding disclosure

of intangible assets.

 The company’s intangible assets information is disclosed in ‘Significant

accounting policies’ under heading of ‘Intangible assets’ and in fixed
asset schedule of company disclose following information as below:

Table 4. Intellectual Items as on 31st March –Schedule 5- Fixed Assets

(Rs.in cores)

Year 2003 2004 2005 2006 2007 2008 2009

Internally 0.001 0.17 0.48 - - -
Developed
Patent and
Trademark
Software - 4.22 12.06 10.48 26.40 22.84 23.94
Technical - 1.60 3.96 1.07 5.54 16.29 14.20
Know-how
Others - - 2.84 2.52 4.40 4.09 3.63
Total - 5.82 19.03 14.55 36.34 43.22 41.77
Source: Annual report

 Economic value added (EVA) statement is also disclosed by company

throughout the study period . The relevant data have been produced below:

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Table 5. EVA
(Rs in crore)

Year 2003 2004 2005 2006 2007 2008 2009

EVA 366 504 1079 1657 1810 2008
Source: Annual report

 The company capitalized intangible assets at cost only when following three
conditions are satisfied (a) If disclosure is probable that future economic benefits
that are attributable to the assets will flow to the company. (b) the company will
have control over that assets(c) the cost of these assets can be measured reliably
and is more than Rs. 10,000.

 Expenditure on research including the expenditure during the research phase

of R&D projects is charged to Profit Loss a/c and R&D project is treated as
Intangible assets if meeting criteria as prescribed under accounting standards
on Intangible assets.

 Fixed assets acquired for purpose of R&D are capitalized.

 Software are amortized over their useful estimated lives not exceeding 3 years
whereas in case of others intangible amortized not exceeding 10 years on
straight line pro- rata monthly basis.

Hero Honda Motors Ltd.:

Hero Honda is world largest two wheeler manufacturing company.

 The Intangible assets information is disclosed in ‘Significant accounting policies

and notes to accounts’ under head Depreciation and amortization of annual report
and disclosed following information in Fixed asset schedule as below :

Table 6. Intellectual Items as on 31st March –Schedule4 - Fixed Assets

(Rs.in crores)

Year 2003 2004 2005 2006 2007 2008 2009

Model 10.82 23.96 29.72 70.64 80.30 74.61 65.78
Fee
Total 10.82 23.96 29.72 70.64 80.30 74.61 65.78
Source: Annual report

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  Model fee incurred are amortized on straight line basis method over period of
3 to 5 years respectively.

 The company assets costing up to Rs. 5000 each fully depreciated in the year
of purchase and the depreciation on revised unamortized depreciable amount
is provided prospectively over the residual useful life of asset.

 The company also disclosed EVA statement along with annual report,

throughout the study period. The relevant data have been produced below:

Table 7. EVA
(Rs in crore)

Year 2003 2004 2005 2006 2007 2008 2009

EVA 569 564 641 485 575 835 1723
Source: Annual report

Gujarat Ambuja Cements Ltd.:

It is one of the cement sector company.

 The information regarding Intangible assets is disclosed in ‘Significant

accounting policies and notes to accounts’ under head Depreciation and
amortization of annual report. The disclosure has been made as follows in fixed
asset schedule:

Table8. Intellectual Items as on 30th June–Schedule E- Fixed assets

(Rs.in crore)

Year 2003 2004 2005 2006 2007 2008 2009

Water Drawing 5.25 4.67 4.09 3.22 2.64 2.15 1.64

right.

Computer - 0.07 0.11 5.59 5.58 37.20 25.28

Software

Total 5.25 4.74 4.20 8.81 8.22 39.35 26.92

Source: Annual report

 Expenditure to acquire Water Drawing Rights from government/ Local authorities

/ other parties is amortized over period of right to use , the facilities ranging from
10-30 years.

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  Expenditure on Computer software is amortized over the period of expected
benefit not exceeding 5 years.

 The carrying amount of assets are reviewed at each B/S date as if there is any
indication of impairment based on internal and external factors . An impairment
loss is recognized whenever the carrying amount of an asset exceeds its
recoverable amount.

 In assessing value in use, the estimated future cash flows are discounted to the
present value by using weighted average cost of capital.

Tata Indicom Ltd.:

The Company provides basic and cellular telecommunication services to its valued
customers.

 The Intangible assets information are disclosed along with other fixed assets as
given below:

Table 9. Intellectual Items as on 31st March –Schedule 5- Fixed assets

(Rs.in crores)

Year 2003 2004 2005 2006 2007 2008 2009

License 386.07 359.44 332.80 306.17 279.55 645.58 618.95

Computer 3.82 5.22 6.46 4.67 3.12 2.35 3.34

Software

IRU - - - - - 49.01 48.75

Total 389.89 364.66 339.26 310.84 282.67 696.94 671.04

Source: Annual report

 Computer Software is amortized over useful life of 3 years.

 Technical Know-how is amortized over useful life of underlying assets.

 Indefeasible Rights of Use (IRU) amortized over period of 15 year based on

technical estimate of useful life of assets or period of the agreement whichever is
lower.

 Depreciation on License fees is provided for uniformly over the license period of
20 years. Since, the company has intention of being in business for a period
beyond 10 years and telecommunication business cannot be carried on without the

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 Telecom License , the useful life of asset will exceed rebut table presumption of
10 years under AS-26 on Intangible assets.

Pantaloon Retail(India) Ltd.:

It is one of the textile retail companies of India.

 Intangible assets are disclosed under the schedule of fixed assets but not
separately titled as Intangible assets as given below:

Table10. Intellectual Items as on 3oth June–Schedule 5- Fixed Assets

(Rs.in crores)

Year 2003 2004 2005 2006 2007 2008 2009

Brand - - - 0.07 37.14 - -

Computer - - - 39.26 92.73 173.87 280.46

Software

Total - - - 39.33 129.87 173.87 280.46

Source: Annual report

 Computer software is mentioned along with other fixed assets. No, other
information is given about Intangibles regarding class of assets, amortization
period, method and reconciliation of intangible assets .Thus, the details given fall
short of requirement of standard.

 Brand and computer software is disclosed in Company’s fixed asset schedule only
in year2006 and 2007.

Tata Chemical Ltd.:

TCL positioned itself as an international player in business of inorganic chemicals and

fertilizers. The company is not disclosing Intangible assets. All though Intangible assets
like R&D has been recorded in P&L a/c but no disclosure has been made elsewhere in
annual reports.

 Expenditure pertaining to R&D is charged to P&L a/c and expenditure on fixed

assets is capitalized.

 Impairment is ascertained at each b/s date in respect of cash generating units.

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5. Analysis and Discussions
Based on the study following analysis and discussion were drawn

 Analysis of Item wise Disclosure of Intellectual Capital:

An attempt has been made to analyze item wise disclosure of Intellectual Capital (IC) of
selected sample units during study period 2003-09. These disclosures have been
summarized in Table 11. On examining the table it may be concluded that only two
sample units namely Infosys Technologies Ltd. and BHEL Ltd. are disclosing maximum
4 items of IC out of 14 items which have been disclosed by all sample units. Tata
Chemicals Ltd disclosed no IC item during the entire study period while Hero Honda
world largest two Wheeler Company disclosed only 1 item of IC i.e Model Fees and Tata
Indicom Ltd. disclosed 3 items. Approximately, 38% (3out of 8) of sample units are
disclosing 2 IC items in annual reports during study period.

Only Software and computer software has been disclosed by five sample units out
of eight. But other intellectual capital items have been disclosed by either one or two
sample units. Although, Human resources, Brand, goodwill, computer software
intellectual items are common in almost all companies yet these are not disclosed by
maximum sample units. Unfortunately, only 25% sample units have disclosed these
intellectual items in their annual reports. Hence, our null hypothesis is rejected on the
ground that 25% disclosure quantum may be considered as inadequate disclosure.

 Analysis of Figure wise Disclosure of Intellectual Capital:

The disclosure of intellectual capital items in terms of amount which has been
disclosed in annual report of sample units, are compiled in Table 10. The table disclosed
quantum of Intellectual items in terms of Rs. On examining the table it may be concluded
that only five companies are disclosing intellectual capital items throughout the study
period. The Pantaloon (Retail) India Ltd. disclosed IC from year 2006, BHEL Ltd also
not disclosed IC during year 2003 and Tata Chemicals Ltd. never disclosed IC during the
entire present study period.

The highest average amount of IC have been reported by Tata Indicom Ltd. and
least average value is reported by .Merck Ltd.. Two sample units having more than
overall mean of amount of IC namely, Infosys Technologies Ltd. and Tata Indicom Ltd.

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 Table 11. Item wise Disclosure of Intellectual capital
S. Name of Human IPR Brand Goodwill Trade Software Computer Technical License Model Water Internally Others IRU No of
No. Company resources Mark Software Know-how Drawing developed items
Fees Right Patent and
Trademark

1 Infosys Yes Yes Yes Yes No No No No No No No No No No 4

Technologies
Ltd.

2. Gujarat No No No No No No Yes No No No Yes No No No 2

Ambuja
Cements Ltd.

3. Hero Honda No No No No No No No No No Yes No No No No 1

Motors Ltd.

4. Tata Indicom No No No No No No Yes No Yes No No No No Yes 3

Ltd.

5. Pantaloon No No Yes No No No Yes No No No No No No No 2

Retail (India)
Ltd.

6. BHEL Ltd. No No No No No Yes No Yes No No NO Yes Yes No 4

7. Merck Ltd. No No No No Yes Yes No No No No No No No No 2

8. Tata No No No No No No No No No No No No No No 0
Chemicals Ltd.

Total 18

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 Table 12. Figure wise Disclosure of Intellectual Capital

Intellectual Capital (Rs. in crore) Company

S. No. Name of Company 2003 2004 2005 2006 2007 2008 2009 Average

1 Infosys Technologies Ltd. 30.75 82.66 83 41 589 689 689 314.91

2 Gujarat Ambuja Cements Ltd. 5.25 4.74 4.2 8.81 8.22 39.35 26.92 13.92

3 Hero Honda Motors Ltd. 10.82 23.96 29.72 70.64 80.3 74.61 65.78 50.83

282.6 696.94 671.0

4 Tata Indicom Ltd. 389.89 364.66 339.26 310.8 7 4 436.46

129.8 173.87 280.4

5 Pantaloon Retail (India )Ltd. - - - 39.33 7 6 155.88

6 BHEL Ltd. - 5.82 19.03 14.55 36.34 43.22 41.77 26.78

7 Merck Ltd. 5.58 3.63 1.3 0.69 0.26 0.42 0.30 1.74

8 Tata Chemicals Ltd. - - - - - - -

160.9 245.34 253.6

Overall Average 88.45 80.91 79.42 69.40 5 1 142.93

6. Findings

From present study we found that the trends of disclosure of IC have been

shifting from accounting information to Balance sheet in Indian corporate sector.

Such trend can be observed in Balance sheet of Infosys Technologies Ltd. as the

company is including IC information along with other information in its balance

sheet. EVA statement disclosed by Infosys Ltd. has used book capital for computing

EVA. It has not carried out any adjustments for converting book capital into economic

capital and also not adjusted figure of net profit to bring it closer to the amount of

cash flow generated by firm. Like, Infosys Ltd. other company namely Hero Honda

Motors Ltd. and BHEL Ltd .also used same methodology for computation of EVA.

So, only three companies out of eight sample units are disclosing EVA in their

respective annual reports. The frequency distribution table of Intellectual capital

items as disclosed by sample units is produced below:

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16
 Table.13 Frequency distribution of IC items

S.No. Items of Intellectual Capital No. of Companies %out of eight

Disclosing IC items sample units
1. Human resources 1 12.5
2. IPR 1 12.5
3. Brand 2 25
4. Goodwill 1 12.5
5. Trademark 1 12.5
6. Software 2 25
7. Computer Software 3 37.5
8. Technical Know-how 1 12.5
9. License 1 12.5
10. Model Fees 1 12.5
11. Water Drawing Right 1 12.5
12. Internally developed Patent and 1 12.5
Trademark
13. IRU 1 12.5
14. Others 1 12.5

7. References

Abeysekara and Guthrie. 2002. Status of Intellectual Capital Reporting in Sri Lanka.

A Research note presented at critical perspectives on Accounting conference, New

York www.ssrn.com

Chandana Tilak . 2008 . A Study on Intellectual Capital Reporting in India. The

Chartered Accountant,pp.1991-1998.

Kamath Bharthi . 2008. Intellectual Capital Disclosure in India: Content Analysis of “

TECK” firms. Journal of Human Resource Costing and Accounting, pp. 213-224.

17
Kamath Bharthi. 2008. Content Analysis of IC Disclosure of IT firms in India. Pacific

Business Review: A Quarterly Journal of Management, pp. 1-13.

Kantawala A.S .2006. Some Aspects of Accounting For Knowledge Capital. The

Management Trends (Vol.3), pp. 7-13.

Lev Baurch. 2001. Intangibles: Measurement, Management and Reporting, Brooking

Institution, pp.71-72.

Mohobbot Ali. 2008. Intellectual Capital Reporting Practices: A study on Selected

companies in Bangladesh . Journal of Business Studies,Vol. 29(1), pp. 81-104.

Oliveras E and Kasperskaya Y. 2004. Reporting of Intellectual Capital in Spain

www.ssrn.com.

Rathod P.K. and Prajapati Sangita . 2010. Reporting and Disclosure of Intangible

Assets (IC) of Selected IT companies in India. The Chartered Accountant, pp.1766-

1774.

Singh Pradeep.2009. Intangible Assets Accounting and Reporting Practices in India.

The Indian Journal of Commerce,Vol.62(2) , pp.126-136.

8. Abbreviations:

IC- Intellectual Capital, IA- Intangible Assets.

EVA- Economic Value Added, KC- Knowledge Capital.

IRU- Indefeasible Right of Use.

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