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Brands are the key intangibles in most businesses. Survey after survey shows that intangibles typically account for between 30% and 70% of a companies market value. Intangibles such as brand, are transforming management and reporting practice. The Institute of Practitioners in Advertising (IPA) outlines a number of inititiatives coming into force to account for intangibles. The IFRS3 is an international reporting standard introduced on 1 Januray 2007 that will require companies to breakdown the value of intangibles when valuing a company; no longer lumping them together in the catch-all 'goodwill' phrase.