The American economist Baruch Lev, recognized specialist in intangible assets, considers that accounting, under its current parameters, is losing relevance in reflecting reality and, above all, the potential of a company. Hence a new accounting system to identify and evaluate resources to create value of a company is imposed. “The financial reports that companies use today, both in the US and Europe, are not really useful -he assures-. We must work on a new system that takes into account intangible values such as brand or a company’s reputation”.


Lev made these reflections during his reception as corresponding academician to the United States at the Royal European Academy of Doctors-Barcelona 1914 (RAED), held in Barcelona on 22 September. The new academician read the inaugural speech “The End of Accounting and the path forward for Investors and Managers”, responded by full academician Oriol Amat on behalf of the RAED.

Baruch Lev is director of the Vincent C. Ross Institute of Accounting Research and project leader for Research on Intangibles at the University of New York. He holds the chair Philip Bardes of Accounting and Finance at the Stern School of Business and he is a contributor to the École Nationale des Ponts et Chaussées and the City University Business School in London.