This paper presents an empirical research study and analysis of intellectual capital (IC) within the Serbian service industry. The purpose of this study was to scrutinize organizational IC within service oriented companies in order to facilitate the fine-tuning of IC reporting according to particular facets of the industry. The primary research objective was to define a group of relevant indicators of intellectual capital (IC indicators), ie to conceptualize an adequate model for IC reporting adapted to Serbian service companies. The existing methods of IC reporting as well as key value drivers and unique features of IC, identified by questionnaires designed for top managers within the Serbian service industry, represent the fundamentals of an adequate model for IC reporting. Identified IC indicators differ from typical relevant indicators mainly due to the specifics of the environment and service industry in Serbia. The research findings have revealed a lack of employee’s innovativeness, and permanent competence development of both, top managers and employees, which may be a significant problem concerning potential growth of Serbian service industry especially during the global economic crisis. The defined model simplifies IC measuring and reporting and provides a deeper understanding of strengths and weaknesses of IC within the observed industry. Based on a strategy map that bridges a valuesbased strategy with IC perspective, this model has been linked to strategic management of IC and value creation within the service industry.