The Knowledge-based enterprises and informative failure of the accounting system

Abstract

Currently, the development of knowledge-based economy is not accompanied by a parallel and widespread development of accounting practices in the field of reporting of non-financial capital. This causes failure of information systems of accounting. Financial accounting instead of creating a framework for building a true and fair view of the enterpriceses based on knowledge, deforms their view by focusing only on the financial capital. Many theorists of management and accounting clearly recognize the problem. Therefore, the international and national initiatives are undertaken in order to create the basis of accounting and reporting of non-financial capital. Article rearranges the most significant attempts to expand the accounting in harmony with the development of knowledge-based economy.The article as a first discusses the concept of integrated reporting. In this case, particularly important is a typology of capital, which are used by the enterprices. It then discusses socio-economic accounting by M. Dobija. Under this concept, it seems very important to develop the standard of the balance sheet with the new reporting items of non-financial assets and equity, and an indication of basic accounting records relating to the operation of these resources. Another issue is the concept of intellectual capital reporting by D. Dobija. This reporting includes many new features that goes beyond traditional accounting textbooks. At the end is presented a concept of competence assets and intellectual capital accounting by L. Niemczyk. Here the key reporting tools are the knowledge-based balance sheets and, so called, full balance sheet.