Assurance Standards Board‚ viewed 1 May 2010‚ Auditing and Assurance Standards Board 2007‚ Going Concerns‚ ASA 570‚ Auditing and Assurance Standards Board‚ viewed 1 May 2010‚ Australian Accounting Standards Board 2010‚ Events after the Reporting Period‚ AASB 110‚ Australian Accounting Standard Board‚ viewed 1 May 2010‚ < http://www.aasb.gov.au/admin/file/content105/c9/AASB110_07-04_COMPdec09_01-11.pdf> Corporate Governance Principles and Recommendations 2nd edition 2007‚ Australian Stock Exchange‚ viewed
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references for your answers and quote where you have written something that is word-for-word from a source Textbook Questions (15 marks): Challenging Question 29 (5 marks) Applicability of AASB 138: A taxi licence would be considered to be an intangible asset and must be accounted for in accordance with AASB 138. Intangible assets can be carried at cost (less any accumulated amortisation and accumulated impairment losses) or at fair value by way of asset revaluations. However‚ intangible assets
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TREASURER’S DIRECTIONS ACCOUNTING – LIABILITIES Section A3.3 : Provisions STATEMENT OF INTENT Complete and accurate liability information enables an Agency to be fully aware of its financial obligations and the uncertainties expected to affect their ultimate value. This Section explains the requirements for the recognition measurement and disclosure of provisions. MAIN FEATURES Section 38 of the Financial Management Act requires every Accountable Officer and every employee of an Agency
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Chin (Val.Chin@uwa.edu.au) • Mr Kevin Burns (Kevin.Burns@uwa.edu.au) Unit overview: Learning outcomes • Completion of this unit should help you to: • interpret and apply specific requirements of a range of Australian Accounting Standards (AASBs) • critically evaluate accounting requirements under Australian GAAP • prepare general purpose financial statements for Australian reporting entities; and • discuss and apply advanced concepts to the preparation of consolidated and/or equity
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the Framework The Australian Accounting Standards Board (AASB) is implementing the Financial Reporting Council’s policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. The AASB is replacing relevant existing AASB Standards with Australian Standards equivalent to those of the IASB. Consequently‚ the parts of the existing Australian conceptual framework (SAC 3 Qualitative Characteristics
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in the public interest‚ high-quality auditing and assurance standards and related guidance to enhance the relevance‚ reliability and timeliness of information provided to users of audit and assurance services’? a. the IAASB. b. the AASB. c. the
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References: Askary‚ S. 2006‚ Accounting Measurement in the Religious Perspective: Conservatism or Optimism? International journal of accounting‚ vol. 33. No. 2‚ pp. 211-235. ASX‚ 2011‚ ASX Group‚ retrieved on 17/12/2011‚ Australia government‚ 2011‚ AASB‚ retrieved on 17/12/2011‚ . Australia government‚ 2011‚ ACCC‚ retrieved on 17/12/2011‚ . Australia government‚ 2011‚ FRC‚ retrieved on 17/12/2011‚ . Beer‚ S. & Thomson‚ J. 2006‚ Professional Accounting Bodies in Australia‚ Academic Search Complete
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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: Identifiable:
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3 1. Profile and Strategies ……………………………………………………. 4 2. Key Accounting Policies ………………………………………………... 4 2.1. Revenue Recognition [AASB 118] ……………………………………... 4 2.2. Impairment of Asset (AASB 116) ………………………………………. 4 2.3. Foreign Currency Transactions (AASB 121) …………………………… 5 2.4. Employee Benefits (AASB 119) ………………………………………... 5 3. Degree of flexibility ……………………………………………………... 5 3.1. Revenue Recognition – Moderate ………………………………………. 5
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understanding of the regulatory environment in which the companies are formed and operate in Australia. • Outcome 2: A solid foundation in accounting and reporting requirements of the Corporations Act and relevant Australian Accounting Standards Board (AASB) accounting standards. • Outcome 3: A comprehensive understanding of the advanced issues in accounting for assets‚ liabilities and owner’s equity. • Outcome 4: The ability to account for income taxes. • Outcome 5: The ability to account for leases
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