The first step in knowledge management is determining what constitutes knowledge. Gone are the days when businesses can afford to view people purely as costs. In the 21st century knowledge economy, people must be seen as wealth and capability generators who can profoundly affect market appeal, reputation, and performance. In the world of the digital-age company, accounting and business reporting have become a business necessity in placing a realistic measure on human excellence, ingenuity, and performance. Several areas, including customer capital, human capital and intellectual capital, are commonly explored in existing reporting on intangible value of an organization.