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May 2014 » Book Review
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Martin J. Lieberman, CPA/ABV, ASA
Although the importance of intangible assets is now well accepted, the concept of intangible assets being a primary generator of value was a radical idea until the 1980s. Formerly, the equity section of a typical company listed on the New York Stock Exchange (NYSE) was a good indicator of market value. Since the widespread use of computers and the Internet, the globalization of trade, and the deregulation of major industries (such as telecommunications, electricity, transportation and financial services), intangible assets have been heralded as a more important component of value than the hard assets of the industrial age (Baruch Lev, Intangibles: Management, Measurement and Reporting, Brookings Institution Press, 2001). Brands, processes, patents, and intellectual property are the drivers of value today. Their scalability and networking effects are not subject to the diminishing returns associated with physical assets.
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