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Table no. 1. Share of intangible assets in the ECONOMY
total assets of the companies (2014)
Source: Consolidated financial statements of the companies, 2015 DO NOT UNDERESTIMATE
THE INTELLECT!
assets, even at Balkan level? First,
many managers are not sufficiently The economic history teaches
informed about the benefits of better us that in the 18th century, the
assessment of the value of intellectual Physiocrats believed that the real
property rights. Second, accountants added value is created only in agricul-
are aware about the complexity of this ture, while manufacturing and trade
issue and consciously avoid compli- are not important. No matter how
cating their lives. Small part of them ridiculous it may sound from today’s
maybe know the methods of valuation point of view, the same happens now,
of the intellectual property rights, but when industrialization is glorified.
they apply them insufficiently. Third, some anachronistic minds consider
the research and development system that added value is created only in
in macedonian companies is rudimen- industry, while the service (tertiary)
tary and does not produce sufficient sector is a big scam. On the contrary,
internally generated intangible assets. in modern market economies, added
Fourth, the entrepreneurial spirit and value is increasingly being created in
innovative capacity of the macedonian the services sector and the relevance
citizen was always more expressed of intellectual capital increases.
abroad then at home. Fifth, the unjus-
tified fear of ostensibly higher tax lia- excuses that the value of intangible
bilities prevents the managers to push assets cannot be appropriately as-
the accountants to perform a more sessed, and therefore it is better not to
realistic and higher assessment of the include them in the balance sheet, are
invisible assets. In addition, there is a dispirited and self-underestimating.
possibility to recognize part of the ex- intellectual capital is the new driving
penses for depreciation in the calcula- force of companies and this reality
tion of the annual financial result. must be accepted as soon as possible.
in this regard, it is worth mention-
ing that the Faculty of law “iustini-
anus Primus” within the “Ss. Cyril and
methodius” University in skopje and
the center for international studies in
intellectual Property within the Uni-
versity in strasbourg (France) together
educated five generations of masters
in the field of intellectual Proper-
ty Law. In addition to the profound
knowledge in industrial property law,
copyright law and related laws, this
highly specialized staff also possesses
sound knowledge in methods of valu-
ation of intellectual property rights.
in synergy with the accountants, engi-
neers and managers, this intellectual
elite is capable of bringing real fresh-
ness and energy in the macedonian
corporate sector. Of course, if their
intellect and expertise are recognized
by the business leaders, and unless we
do not lose these minds throughout
the world. For this reason, do not un-
derestimate the intellect!
November 2015 39
