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Corporate Reporting and Global Accounting - Essay Example

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Summary
In present world, every organisation should be a learning organisation and for that intellectual capital provides support. Intellectual capital is a combination of commitment and competency of workers like how they think and perform their duties along with how the organisation forms policies for getting the work done (Ulrich, D., "Intellectual Capital = Competence x Commitment").
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Corporate Reporting and Global Accounting
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Corporate Reporting and Global Accounting

Download file to see previous pages... The different managerial techniques used by management department are R & D management, Human Resource management, Total Quality management, Just in Time (JIT) concept and communication management among others. But intellectual capital management is little different from these managerial tools because it takes into account the intangible component of an organisation's wealth. Intellectual capital directly influences the customers, human and structural factors which are considered as the three major pillars of any organisation. Certain degrees of mismanagement in intellectual capital can lead to high risk to growth and sustainability of the organisation. It has been found that the organisations which had performed well in the past had managed to handle these pillars in best possible manner such as attaining shortest processing time, constant improvement in the quality standers within the whole organisation, reduction in waste and maintaining optimum number of employees (Source: Al-Ali, N. 2003, p. 8).
But the tricks of the trade are fast changing. ...
But intellectual capital management is little different from these managerial tools because it takes into account the intangible component of an organisation's wealth. Intellectual capital directly influences the customers, human and structural factors which are considered as the three major pillars of any organisation. Certain degrees of mismanagement in intellectual capital can lead to high risk to growth and sustainability of the organisation. It has been found that the organisations which had performed well in the past had managed to handle these pillars in best possible manner such as attaining shortest processing time, constant improvement in the quality standers within the whole organisation, reduction in waste and maintaining optimum number of employees (Source: Al-Ali, N. 2003, p. 8).
But the tricks of the trade are fast changing. In the present world, to maintain its competitive advantage, the organisation has to incorporate new knowledge and application of old knowledge in new way within the production process. An organisation should learn to use knowledge and intellectual recourses at each and every aspect so that it remains as a learning organisation.
Figure 1: The cycle of knowledge, innovation and production

(Source: Al-Ali, N. 2003, p. 8)

Search for Intellectual Capital Information

The stake holders prefer intellectual capital information for gathering information regarding the company's performance. Reason behind this is simple, as a company's balance sheet only reveals the performance of its tangible asset; hence it gives no information regarding intangible assets. So to understand the company's actual value, stake holders try to gather information about its ...Download file to see next pagesRead More
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