The report discusses the importance of financial accounting in maintaining the financial statement of a company. It covers different accounting standards, treatment of contingent liabilities and intangible assets, and a case study on Delta Ltd.

A document about financial accounting. It provides an overview of financial accounting, including its purpose, history, and development.

Financial Accounting

The report deals with the importance of the accounting standard and shows how the company should able to record the same in the financial statement of the company. It also shows the accounting standard of intangible asset, contingent liability and impairment of intangible asset. It also show how the company should deal with the case of the Lawsuit which was been filled upon the Delta Ltd.

Importance of Accounting Standards and Their Application in Financial Statements

Introduction: 3 Question 1: 3 A) Accounting treatment for contingent liabilities with reference to AASB 137: 3 B) Ways through which Delta Limited would disclose the accounting implications of the lawsuit in the financial statements: 3 Question 2: 4 A) Accounting treatment for internally generated intangible assets and impairment of intangible assets: 4 B) Differences between accounting for internally generated intangible assets and acquired intangible assets: 4 C) Reasons behind the reluctance of the companies in pressing for changes in AASB 138/IAS 38:

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Report

This report provides an overview of financial accounting, including the process of recording transactions and preparing financial statements. It discusses accounting standards such as AASB 137, AASB 138, and AASB 136, and includes a case study on Delta Ltd. The report concludes with the importance of proper disclosure in financial statements.

Finance

This report provides disclosure requirements for contingent liabilities and intangible assets as per AASB 137 and AASB 138. It discusses the accounting treatment, implications, and differences between internally generated and acquired intangible assets. It also explores the reasons behind the reluctance to press for changes in AASB 138/IAS 138 for more recognition of internally generated intangible assets.

Accounting for Contingent Liabilities and Intangible Assets

Leadership Management

Assignment On Financial Accounting 2022

Assignment

Aim of the report is to focus on the accounting treatment of contingent liabilities in accordance with AASB 137 and internally generated intangible assets as per AASB 138 and impairment accounting on those assets as per AASB 136. The report will further focus on the case study given in the task and will provide suggestions regarding its accounting treatment as per the specified AASB.

Financial Accounting

End of preview

Importance of Accounting Standards and Their Application in Financial Statements

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Financial Accounting

Accounting for Contingent Liabilities and Intangible Assets

Assignment On Financial Accounting 2022

Accounting and Financial Management

Financial Accounting

End of preview

Importance of Accounting Standards and Their Application in Financial Statementslg...

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accountinglg...

Financial Accountinglg...

Accounting for Contingent Liabilities and Intangible Assetslg...

Assignment On Financial Accounting 2022lg...

Accounting and Financial Managementlg...

Importance of Accounting Standards and Their Application in Financial Statements

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Financial Accounting

Accounting for Contingent Liabilities and Intangible Assets

Assignment On Financial Accounting 2022

Accounting and Financial Management