Radical changes are needed in company reporting to cope with the rise of intangible assets. Discuss.

We have to use 5 journal articles to support our case. In order to write the essay we have to look at current accounting standards on intangibles example IAS38. We can also look at the international financial standard reporting standard (IFRS) or FRS on intangibles. Note these standards treat intangibles differently.There are two points of view the first being that the current standards are adequate whereas as the other is radical cahnges are needed in the accounting for intangibles, I feel the view that radical changes are needed in the accounting for intangibles probably makes more sense. One of the main questions is should all intangibles (including the internally generated ones be included in the balance sheet). One of the things to be kept in mind is what gives a true and fair picture of the companys financial status.