Is it time to revisit the Accounting standards for Internally Generated Intangible Assets

There has been a continuous effort on the part of the accounting standard setting bodies to align the results of Entities with the markets . However lately it has been observed that the valuation of companies are not getting linked to the profits / losses reported by these entities . There have been cases of entities with losses in their financial statements but are having very high market valuations . There are more and more entities which are coming up where accounting profits / losses are not in line with the Market valuations. The question arises is is that whether balance sheets are again loosing their significance.

I believe that one of the key reasons could be the accounting for expenses being incurred in the nature of marketing or in a way investing to generate future business. There are definitely certain accounting rules on capitalization of expenses but there are certain restrictions on what forms an intangible asset. The accounting standards allow customer contracts acquired to be classified as an intangible asset (in a business acquisition) but the expenses incurred on acquiring customers internally are expensed to the profit and loss account resulting into losses . These customers acquired are recognized by the investors as assets and assigned a value . However the expenses related to the acquisition of customers is debited to the profit and loss account resulting into losses. Also there are many other intangibles in the from of data generated, network established etc . which are expensed to the profit and loss account when their value has been clearly established

Do we think its the right time to evaluate and rewrite the accounting standard on Intangible assets to bring it in line with the current market valuations ?? pls comment