UNDISCLOSED (INVISIBLE) ASSETS, INTELLECTUAL (HUMAN) CAPITAL.THE ESSENCE, AND THE NEED AND METHODS OF ANALYSES

Even though there are many existing definitions of intellectual capital, there is still much scope for individual interpretations of that which is intellectual capital and that which it consists of. The aim of the article is not to propose a novel, further definition, but to assess the problem from the aspect of an analyst (specifically, external) who conducts financial analyses of businesses. It is important that the person knows different opinions on the issue that result from different definitions, and above all that the person knows what determines that in an analysed business there are components of undisclosed (invisible) assets. There is a brief discussion of the four most popular methods of valuing intellectual capital that can be used by an external analyst and an indication of the disadvantages of them. There is also an indication of the effect and importance that an analysis of intellectual capital has on the final result of a financial analysis of a business