Intellectual capital is often made visible by the difference between the book value and the market value of an organization(often referred to as soodwill. Intellectual assets are represented by the sum total of what employees of the organization know and know how to do. The value of these knowledge assets is at least equal to the cost of recreating this knowledge. The accounting profession still has culty in accommodating these new forms of assets some progress has been made(e.g Skandia was the first organization to report intellectual capital as part of its yearly financial report, but there is much more work to be done in this area. As shown in figure 1.5, intellectual assets may be found at the strategic, tactical, and operational levels of an organization.