annual report of two companies stated the research and development expense and the notes of intangible assets. Then‚ critically evaluate whether the disclosures made by each company are consistent with paragraphs 118 – 123 and paragraphs 126 – 128 of AASB 138. According to the evaluation‚ the companies were focus on following paragraphs 118‚ 119‚ 120. Moreover‚ compared with CSL and Acrux‚ the explanation of research and development expense‚ accounting policy used in intangible assets‚ the analysis
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of AASA 8 Operating Segment! AASB 8 applies to annual reporting period beginning on/after 1 Jan 2009 and supersedes AASB 114 Segment Reporting when adopted. Operating Segments specifies the use of a ‘through the eyes of the management’ approach to an entity’s reporting of information relating to its operating segments in annual financial reports‚ and also requires an entity to report financial and descriptive information about its reportable segments. AASB 8 is applicable to for-profit entities
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Solutions to Tutorial Questions due in Week 3 Hoggett 8E‚ Chapter 17: Regulation and The Conceptual Framework DQ 4. Briefly explain the nature of the conceptual framework for general purpose financial reporting and discuss the perceived advantages and disadvantages of having a conceptual framework. A conceptual framework of accounting theory should enable standard setters to develop standards which are consistent and logically formulated‚ provide guidance to accountants in areas of accounting
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Section E: Accounting Analysis Key accounting policies The key success factors for a company which operates in consumer discretionary sectors‚ such as OrotonGroup‚ are product differentiation through brand‚ product quality‚ and product innovation. Therefore‚ the important accounting policies for achieving those factors are: Accounting Policies | OrotonGroup Policies | Revenue recognition | OrotonGroup recognises revenue when a group entity sells a product to the customers. Revenue from
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Investor Protection LYU JINGYU H00183199 As we all known‚ investor protection plays a decisive role in the financial markets. Some literature asserts that the benefit of minority shareholders and creditors will be expropriated by controlling shareholders is a common situation. As a result‚ to some extent‚ the core idea of Corporate Governance is to prevent the right of investor deprived by manager and controlling shareholders. In previous studies‚ the problem that people most concerned about
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dividends are recognised upon declaration by controlled entities. 2.2 Goodwill (AASB 1013) Goodwill represents difference between fair values of net identifiable assets acquired and related cost. With vague useful life‚ goodwill is systematically tested for impairment at annually balance sheet date. Negative goodwill emerging on an acquisition is recognised in income statement. 2.3 Property‚ Plant and Equipment (AASB 116) Accounting
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invisible forces behind them and the impacts this has had on all stakeholders. There are always winners and losers in a battle for power and self-interests and we will look at what the outcomes for these are. We will also look at the goals of the IASB‚ AASB and FRC as we untangle the web of financial influences over non-financial prey as well as the positive impacts the changes have brought with them. In summary‚ the political nature of setting accounting standards has had many influences and impacts
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Abstract The Financial Reporting Council decided in 2002 that Australian would move to International Financial Reporting Standards (IFRS) in 2005. Prior to that‚ Australia had its own standard-setting processes. The introduction of IFRS in Australia replaced the original accounting standards and brought several brand new standards. Until now‚ Australia was the first country with a tradition of its own standard-setting to implement international accounting standards for general purposes. Therefore
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that for underwritten and other share issue costs? Generally it is recorded as the asset but as it does not have any economic future benefits to the company and it occurs only once so it should be treated as intangible assets. Under paragraph 69 of AASB 138‚ intangible assets does not allow the initial cost to be treated as an asset which needs to be treated as an expense and should be written off immediately as an expense. Underwriting and other issue costs are treated as a contra to the share
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BAO3309 Advanced Financial Accounting Semester 2011 Non-Graded Assessment There are 1 Multiple Choice Questions and you have 13 minutes to complete this assessment 1) Which of the following is true about theories in general? A. Theories can include any coherent set of ideas or statements to explain‚ or provide guidance in respect of‚ certain phenomena B. Theories must be empirically based to describe what is‚ rather than what should be C. Theories must be based on
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