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Author: Yanhong Wang Student ID:1045931 There are increasing concerns about the true value of the firm mostly due to intangibles. "A growing number of investors and regulators see the lack of information and financial management focus on intangible assets as a major deficiency."(Austrilian CPA,2002) This has called for changes in the traditionally financial reporting system. The issue of accounting for intangibles is quite controversial and provides lots of challenges for management accountants, given their role in communicating company's value to outside world. Such challenges not only can motivate new thinking about accounting practice, but also can improve accounting system that can give investors an accurate picture about a company's financial health and future prospects. As the economy becomes more knowledge and service-based,the sources of companies' value has largely shifted from tangibles to intangibles which reflects the core value of the company---its intellectual capital including brands, market dominance, competitive advantage, patents, trade marks, customer...

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