Page 38 - Ekonomija i Biznis_noemvri 2015.indd

ECONOMY
market capitalization. At the same
time, shareholders earn an implicit or
a realized capital gain. Let us assume
that currently, according to the con-
solidated financial statements, the
assets of your company are 500,000
Euros, but their real value is 600,000
Euros. Probably the accountant will
be immediately asked to check the
body temperature, but if it is fine, this
will be followed by fear that this ac-
counting operation will lure the tax
inspectors. Your company now has a
value increased by 20% because the
value of the intangible assets is better
assessed.
Second, the company would have a
more serious performance before the
creditors, because it has better credit
ability, that is, a stronger potential for we focus only on four countries from
debt servicing. Third, the depreciation
of intangible assets is also recognized
in gain or loss, on a straight-line ba-
sis, over the estimated useful life of
the intangible assets. This means that
by expressing the depreciation of in-
tangible assets, the liabilities based on
profit tax can also be reduced.
“ON MACEDONIAN MATTERS”
Many Macedonian (and not only
Macedonian!) companies are underes-
timated from market and accounting
point of view, because they have an
unrealistically low valuation of their
intangible assets. The essence of the
problem is that accountants are suf-
ficiently informed to suppress the
complexity of this matter, and manag-
ers are insufficiently informed about
the benefits of better evaluation of
intangible assets of the company. The
conclusion is that intellectual capital
(intangible assets and goodwill) are a
hidden treasure in companies.
The valuation of intellectual prop-
erty rights is possible only if intangi-
ble assets can be separately identified
and clearly separated from the other
assets of the company in accordance
with the international accounting
standards. The most commonly used
38 November 2015
methods of valuation of intangible The unjustified fear of
assets include: the income approach, ostensibly higher tax
the market approach and the histori-
cal cost method. In the Republic of liabilities prevents the
Macedonia, sometimes the income managers to push the
approach is used by assessment of accountants to perform
the future economic benefits of the
possessed intangible assets, which in- a more realistic and
clude revenues from the sale of goods higher assessment of
and services, cost savings or other
benefits resulting from the use of the the invisible assets.
asset. In addition, there is a
possibility to recognize
Let us see what happens with the part of the expenses
presentation of intangible assets by for depreciation in the
an analysis of their participation in calculation of the annual
the total assets of specific companies
from several industries. Since the financial result
comparison with the more advanced
European economies is too ambitious,
the region with approximately the
same level of economic development:
Bulgaria, Serbia, Croatia and Macedo-
nia (Table no. 1.).
In the pharmaceutical industry,
which mostly relies on intellectual
property rights, “Alkaloid” a.d. Skopje
is a real leader in the ownership of in-
tangible assets. My estimations show
that, still, in this field there is also a
vast room for higher valorization of
the invisible assets.
The situation in the other indus-
tries is concerning, to say the least.
In the telecommunications indus-
try, the operators in the neighboring
countries have higher participation of
intangible assets in the structure of
the balance sheet. In the food indus-
try, “Evropa” a.d. Skopje is an inferior
competitor relative to “Kraš” from
Croatia and “Bambi-Banat” from Ser-
bia, for example, judging by the share
of intellectual capital. In the metal in-
dustry, one should probably try to find
more reliable examples that would
be closer to the performances of the
companies in the neighborhood.
Why do Macedonian companies
(excluding the pharmaceutical pride)
possess exceptionally low intangible