So how is creative value measured?
Today's industry demands are forcing accountants to find ways of showing the illusive concept of creative value on company balance sheets, according to CIMA.
The institute has just released a study which underlines the importance of creativity to the value of a brand.
But the study also found only 46% of British companies recognised creativity as important to their business, compared to 71% worldwide.
It also found UK companies are inhibited by shareholder pressures, regulations and cultural attitudes. Despite this, 60% of companies accepted that they needed to promote creativity.
CIMA’s CEO Charles Tilley told AccountancyAge.com: ‘Companies have to create an environment in which employees have the time to be creative while they carry on day to day operations.’
The institute added that management accountants have to find ways of showing this creativity in the balance sheet.