in companies is changing, and that the value of a firm’s performance is not portrayed
adequately by traditional financial statements (Lev and Zarowin, 1999; Berkowitz,
2001). In particular, human resource aspects (such as competencies, skills, and other
relevant features) remain outside the boundaries of proper representation by
accounting (IASB, 2004). However, the rapid and profound changes that are occurring
in most industrialized countries are pushing forward the recognition of new value
drivers. In knowledge-based companies, human resources are clearly the most relevant
value driven assets (Zambon, 1999).