The economic development currently experienced by much of business is characterised by continuous innovation, the spread of digital and communication technologies, the relevance of network forms of organisation, and the prevalence of soft, intangible and human factors in organisations. Firms operating within this so-called Intangible Economy derive much of their wealth from intellectual capital (IC) where the real competitive edge is located in the quality of relationships, structures and people (Segelod, 1998). 

Discuss the above statement in the context of performance measurement and reporting.