Preview

Compiled Standard Intangible Assets

Powerful Essays
Open Document
Open Document
15343 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Compiled Standard Intangible Assets
Compiled AASB Standard AASB 138
Intangible Assets
This compiled Standard applies to annual reporting periods beginning on or after 1 July 2009. Early application is permitted. It incorporates relevant amendments made up to and including 25 June 2009.
Prepared on 30 October 2009 by the staff of the Australian Accounting
Standards Board.
AASB 138-compiled 2 COPYRIGHT
Obtaining Copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards
(see Compilation Details) are available on the AASB website: www.aasb.gov.au. Printed copies of original Standards and amending Standards are available for purchase by contacting:
The Customer Service Officer
Australian Accounting Standards Board
Level 7
600 Bourke Street
Melbourne Victoria
AUSTRALIA
Postal address:
PO Box 204 Collins Street West
Victoria 8007
AUSTRALIA
Phone: (03) 9617 7637
Fax: (03) 9617 7608
E-mail: publications@aasb.gov.au
Website: www.aasb.gov.au
Other Enquiries
Phone: (03) 9617 7600
Fax: (03) 9617 7608
E-mail: standard@aasb.gov.au
COPYRIGHT
© 2009 Commonwealth of Australia
This compiled AASB Standard contains International Accounting Standards
Committee Foundation copyright material. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and noncommercial use subject to the inclusion of an acknowledgment of the source.
Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204,
Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.
Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside
Australia should be

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Best Buy lower than average NOPM reveals that the company earns less profit after operating expenses and taxes for each dollar of sales than its competitors.…

    • 576 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Assets are the resources of a business organization that were acquired in a market transaction and that will provide future economic benefits to the organization. It is important to understand the distinction between assets that are recorded and those that are not. The definition of assets above reflects two criteria: they (1) were acquired in a market transaction, and (2) will provide future economic benefits to the corporation. Accountants typically rely heavily on a clearly defined market transaction as the basis for recording assets. The market price reflected in a transaction between two independent parties provides objective evidence of the cost of assets acquired or the market value of assets sold. It is useful for accountants to rely on objective evidence of economic value other than a long-ago actual market transaction. In the past, accountants have chosen to rely on actual market transactions. This reliance tended to bring about uniformity in how assets are recorded, but resulted in less useful information in those situations where a purchase cost may bear little relation to the economic value of the asset acquired. For example, the costs of drilling an oil well are not related to the value of the well as measured by the amount of oil in it. Recording the costs of drilling the well is less useful than recording the economic value of the oil. Similarly, the cost of Manhattan may have been $24, but its current economic value far exceeds $24.…

    • 485 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    “Financial accounting is compulsory for companies. Therefore it must be the only type of accounting that managers need.”…

    • 800 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Compilation Report

    • 283 Words
    • 2 Pages

    We have compiled the accompanying balance sheet of Proli Footwear, Inc. as of December 31, 2014, and the related statements of income and retained earnings and cash flows for the year then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America.…

    • 283 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Intasc

    • 3417 Words
    • 14 Pages

    The teacher appreciates multiple perspectives and conveys to learners how knowledge is developed from the vantage point of the knower.…

    • 3417 Words
    • 14 Pages
    Good Essays
  • Good Essays

    FRS 15 was issued in February 1999 and sets out the principles of accounting for tangible fixed assets, with the exception of investment properties. The objective of the FRS is to ensure that tangible fixed assets are accounted for on a consistent basis. Fixed assets are held in our company for the profit of their use not from their resale. Tangible fixed assets should be capitalized when they are ready for use, which means when its physical completion is complete.…

    • 509 Words
    • 3 Pages
    Good Essays
  • Good Essays

    An intangible asset, despite not having a physical form to it, has great value to a company and is to be disclosed in the financial reports. Some companies only disclose the brand and goodwill as their only intangible assets, while others include more such as software and the company trademarks (Loftus et al. 2012). The Accounting Standard AASB 138 advises businesses on the accounting treatment of these intangible assets, but only if the specific criteria have been met for an asset to be recognized as intangible. An intangible asset must encompass three characteristics:…

    • 920 Words
    • 4 Pages
    Good Essays
  • Good Essays

    References: Weygandt, J.J., Kimmel, P.E., & Kieso, D.E. (2010). Financial Accounting (7th ed.). Hoboken, NJ: John Wiles and Sons.…

    • 765 Words
    • 4 Pages
    Good Essays
  • Good Essays

    1. GNC has the following information regarding the inventory of its Super Mega, a multivitamins. Assume GNC uses periodic inventory system each quarter and FIFO.…

    • 1121 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    1. Should the Generally Accepted Accounting Principles recognize as financially relevant and accurate events that arise from IA?…

    • 8645 Words
    • 35 Pages
    Powerful Essays
  • Powerful Essays

    Asset and Builders Square

    • 1833 Words
    • 8 Pages

    1. What happens if Kmart 's managers decide NOT to accept the Leonard Green offer?…

    • 1833 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Describe the amortisation requirements for certain identifiable intangible assets and the changes to accounting for goodwill introduced as part of the convergence with international accounting standards. How will these changes affect reported profit?…

    • 1222 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Chapter 7 Solutions 7.3 Raven Assets taken over Plant and machinery Furniture and fittings Inventories Trade receivables Brand Liabilities Identifiable net tangible assets Consideration transferred Goodwill RM 340,000 40,000 60,000 60,000 100,000 600,000 (22,000) 578,000 650,000 72,000 Debit RM To record the purchase price Gimmick…

    • 775 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    What is an asset? An asset is an item that is owned by customers and businesses. It has an economic value that can be converted into cash and help repay debts. It also tells how much a business has in value. Accounts receivables, cash, and securities are some examples of assets. Assets are equal to the sum of liabilities, common stock, preferred stock, and retained earnings that are found on the balance sheet (www.investorwords.com/273/asset.html). In accounting, assets are divided into different categories such as current assets, long-term assets, prepaid and deferred assets, and intangible assets (www.investorwords.com/273/asset.html). What is a balance sheet? It is a financial statement that shows the company’s assets, liabilities, and the owner’s equity. The asset equals liabilities plus shareholders’ equity is the formula for accounting equation. The balance sheet was naming that because the assets and liabilities have to balance out (www.investopedia.com/terms/b/balancesheet.asp). Learning and understanding the different types of assets and financial statements can help determine if a company will be successful in the future or not.…

    • 845 Words
    • 3 Pages
    Powerful Essays
  • Powerful Essays

    This academic report is a product of SANDRINE NJEMO NKA’A from an industrial training program at N ATIONAL PORT AUTHORITY CREDIT UNION LEAGUE [NPACCUL] for the period of August 1 to September 30. This report has been carefully developed in accordance to the conditions and criteria that satisfy the award of B.SC Accounting Degree from the Catholic University Of Bamenda Cameroon [CATUC].…

    • 6898 Words
    • 28 Pages
    Powerful Essays

Related Topics