Valuation of intangible assets, management and reporting related services are expected to play a significant role in the proper functioning of the European Research Area (ERA), as well as the operation of the single market and the sustainability of all aspects of the economy in Europe. Without readily available administrative, legislative, financial or other public services, economic actorsboth at the corporate and state levelcannot fully utilize the opportunities available in the information society. This paper evaluates the reporting methods and performance measurements for the accounting of the intangibles (Research and Development (R&D)), analyzes the strengths and weaknesses of each of these parameters, and establishes a framework for their application. The findings of the study reveal that most forward thinking companies, as part of their strategic processes, are constantly examining the appropriateness of their structures in achieving business excellencies.

The ERA is supposed to consist of the best talent and motivates the industrial sector to invest more in European research programs. Therefore, the EU is expected to achieve its objective of allocating 3% of GDP to the research programs and strongly contribute to the creation of sustainable growth and occupation.

Eight years on, the creation of ERA has become a central pillar of the EU `Lisbon Strategy' for growth and jobs, together with the completion of the single market, the European `broad-based innovation strategy' and the creation of a European Higher Education Area (Errin Policy Group, 2007).

Valuation of intangibles, management and reporting related services are expected to play a crucial role in the proper functioning of the ERA as well as the operation of the single market and the sustainability of all aspects of the economy in Europe. Without readily available administrative, legislative, financial or other public services, economic actorsboth at the corporate and state levelscannot efficiently make full use of the opportunities available in the information society.

Accounting Research Journal, European Research Area, ERA, Intangible Assets, Business Excellencies, Innovation Strategy, European Higher Education Area, Public services, Accounting Standards Committee, Organization for Economic Co-operation and Development, OECD, International Accounting Standard, computer software products, corporate management, knowledge Assets.