The framework was developed by the World Intellectual Capital Initiative, a global business-reporting network of public and private sector interests.  The AICPA is involved with the network as one of the founders of the Enhanced Business Reporting Consortium, which is the U.S. member of WICI.

WICI additionally has developed an eXtensible Business Reporting Language (XBRL) taxonomy to support the framework.

“WICI’s framework and taxonomy are crucial steps in advancing communication between a company and its stakeholders,” said Susan Coffey, AICPA senior vice president – member quality and international affairs.  “The information reported in a company’s financial statements represents only one part of its market value.  Other, less tangible, factors play an important role.  These include business strategy, personnel, research and development, and customer base.”

The WICI framework considers all these factors, as well as others.

“The AICPA encourages its members and all business-reporting constituents to review and comment on the framework and taxonomy,” Coffey said.

The enhanced business reporting framework and XBRL taxonomy may be found at www.worldici.com.

WICI was formed in 2007 to develop methods for measuring and reporting on intellectual assets.  In addition to the Enhanced Business Reporting Consortium, its membership includes the European Federation of Financial Analysts Societies; Japanese Ministry of Economy, Trade and Industry; Organization for Economic Cooperation and Development; Society for Knowledge Economics; University of Ferrara; and Waseda University (Tokyo).