This report discusses the rules and requirements for recording contingent liabilities and intangible assets in accounting and financial reporting. It covers the AASB framework for contingent liabilities and the accounting of intangible assets according to IAS 38.

Learn about the rules and requirements for recording contingent liabilities and intangible assets in accounting and financial reporting. Get insights into AASB framework and IAS 38.

Accounting and Financial Reporting: Rules and Requirements

Rules and Requirements for Recording Contingent Liabilities and Intangible Assets

This article discusses the concept of contingent liabilities in accounting and how to record and report them. It also covers the journal entries for long lived assets and provides examples. References to relevant resources are included.

Accounting: Contingent Liabilities and Long Lived Assets

Finance

Higher Education

Company and Financial Reporting of ANZ Bank | Report

This report focuses on the given scenario in context of various AASB like AASB 137, AASB 136 and AASB 138. The report will highlight the issues regarding the contingent liabilities and internally generated intangible assets. In light of the applicability for different standards recommendations will be provided on the scenarios provided by the task.

Accounting and financial reporting

This report provides the method of accounting contingent liability, internally generated intangible assets and impairment of intangible assets as per AASB 137, AASB 138 and AASB 136 respectively. It also states the dissimilarity between the internally generated intangible asset and acquired intangible asset. The method of disclosing accounting implication of a lawsuit under AASB 137 is also sighted. Apart from this, the difference between the accounting of internally generated intangible asset and acquired intangible asset is also evaluated. Finally, the possible reasons behind the companies’ reluctance to press for changes in AASB138 are stated.

Accounting and Financial Reporting

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.

Accounting and Financial Management

On the other hand, AASB 136/IAS 36 'Impairment of Assets' includes IAS 36 'Impairment of Assets' addressed by the International Accounting Standards Board. Contents Executive Summary1 Answer 1 3 Introduction 3 Accounting for contingent liabilities as per AASB 137 3 Accounting implications of lawsuits in financial statement3 Conclusion3 Answer 2:4 Introduction 4 Accounting for internally generated intangible assets and impairment of intangible assets regarding AASB 138/IAS 13836 4 Differences between accounting for internally generated intangible assets

Rules and Requirements for Recording Contingent Liabilities and Intangible Assets

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Accounting: Contingent Liabilities and Long Lived Assets

Company and Financial Reporting of ANZ Bank | Report

Accounting and financial reporting

Accounting and Financial Reporting

Accounting and Financial Management

Accounting and Reporting Executive Summary

Rules and Requirements for Recording Contingent Liabilities and Intangible Assets

End of preview

Accounting: Contingent Liabilities and Long Lived Assetslg...

Company and Financial Reporting of ANZ Bank | Reportlg...

Accounting and financial reportinglg...

Accounting and Financial Reportinglg...

Accounting and Financial Managementlg...

Accounting and Reporting Executive Summarylg...

Accounting: Contingent Liabilities and Long Lived Assets

Company and Financial Reporting of ANZ Bank | Report

Accounting and financial reporting

Accounting and Financial Reporting

Accounting and Financial Management

Accounting and Reporting Executive Summary