The Five Types of Accounts in Accounting

Running head: ACCOUNTING AND FINANCIAL REPORTING
Accounting and Financial Reporting
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ACCOUNTING AND FINANCIAL REPORTING
Executive Summary
The following report contains an analysis of the selected aspects of AASB 136, AASB 137 and
AASB 138. It begins with an introduction stating the purpose of the Accounting Standards issued
by AASB. After which analysis is conducted on the impairment of assets of Qantas, recognition
of intangible assets and the accounting for contingent liabilities. It ends with a list of
recommendations which should be follows by the entities in applying the AASB standards as a
part of their business.

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ACCOUNTING AND FINANCIAL REPORTING
Table of Contents
Introduction..................................................................................................................................1
Impairment of Assets of Qantas...................................................................................................1
Application of AASB 138............................................................................................................2
AASB 137 and Tres Ltd...............................................................................................................2
Recommendations........................................................................................................................2
References....................................................................................................................................4