The first objective of the paper is to carry out a retrospective of the literature written on the topic at the national level, yet especially at the international level regarding the aspects of accounting in knowledge based economy, starting from concepts such as knowledge, typology and the role of knowledge, knowledge based economy and the characteristics of accounting in knowledge economy. In order to review the literature in the field, we used the quality research with a descriptive-conceptual perspective of a fundamental type, according to the deductive method, starting from concepts and theories existing at the level of knowledge based economy and the accounting used in this new economy. The paper has also in view the drafting of a study at the macroeconomic level, regarding the evolution of ICT Industry in Romania in the last half of decade, a period in which the economy and its sectors have been seriously affected by economic imbalances. The study is framed within the area of quantitative research, in a preponderantly inductive approach, using interpretative methods for the understanding of the effects of economic conjunctures on the ICT industry, a knowledge-driven industry, as a component part of a knowledge-based economy. The collection of data has been made by accessing the webpage of the Institute of Computer Technology through an IT programme installed on a personal computer which has allowed the downloading of files in an intelligible format. The data presented in these have been retained and processed simple arithmetic calculus: data processing was made with tabular calculus. After collecting and processing the primary data, the results have been analysed quantitatively, both as absolute and relative sizes and as evolution in time, by graphically representing them. The second objective refers to the analysis of traditional accounting model versus the knowledge based accounting model, emphasising the limits of the traditional model and outlining several orienting directions for the knowledge based model.