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ACC30008 Accounting Theory

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Added on  2020-02-24

ACC30008 Accounting Theory

   Added on 2020-02-24

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ACC30008 Accounting Theory1IMPACT OF ADOPTION OF IAS 38 (OR ITS EQUIVALENT) AROUND THE WORLDStudent’s NameCourseLecturerInstitutionDate.
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ACC30008 Accounting Theory2Executive SummaryThe report is about adoption of the AIS 38 and its impacts across the globe. Its adoption is a substantial fiscal alteration and brings about introduction of various researches. The IAS 38 sets out recognition, criteria, disclosure requirements and measurement bases for the intangible assets that are not dealt with particularly in any other standard. The main objective of the standard was to help in prescribing accounting dealings for the intangible assets that were not handled predominantly in the other IFRS. It usually sketches accounting requests forthe intangible assets, termed as non-financial assets short of any fleshly identifiable and substance. Under these criteria, intangible assets are primarily evaluated at their cost value and amortized on the methodical basis over its valuable life. Furthermore, the analysis shows that the decisions to adopt the AIS 38 played a crucial role in international dissemination and acceptance of the AIS 38. In addition, the AIS 38 specifies on means of measuring carrying amount of the intangible assets and required appropriate disclosures of the intangible assets. To be more specific, adoption of the AIS 38 is found to make results more informative and permits better accounting and lessens pleasure that traditional accounting systems are in existence in the Continental Europe as long as the management is in a position to manipulate provisions, conceal economic losses, embellish outcomes as well as create hidden reserves.
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ACC30008 Accounting Theory3Table of ContentsExecutive Summary...................................................................................................................2Introduction and Purpose...........................................................................................................4Adoption of AIS 38....................................................................................................................4Generalized Adoption of the IAS 38......................................................................................4Impact of adoption of the AIS 38...........................................................................................5Conclusion..................................................................................................................................7REFERENCES...........................................................................................................................9
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