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.

Individual assessment – research report

Assess students’ knowledge of relevant accounting standards by preparing a research report evaluating their interpretation of accounting standards.

Report on AASB 137, 136, and 138 addressing contingent liabilities and intangible assets with recommendations.

Accounting and financial reporting - Desklib

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

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

Accounting

This report focuses on the contingent liabilities accounting treatment, intangible assets, and performance of impairment assets as per AASB. It also justifies the answers of the case study in accordance with the accounting treatment as per AASB.

 St. Bridget College

Finance

ACC201 Financial Accounting

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

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:

Accounting and financial reporting

End of preview

Accounting and Financial Management

Accounting and Financial Reporting

ACC201 Financial Accounting

Accounting for Contingent Liabilities and Intangible Assets

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Requirement for Recognition of Provision

Accounting and financial reporting

End of preview

Accounting and Financial Managementlg...

Accounting and Financial Reportinglg...

ACC201 Financial Accountinglg...

Accounting for Contingent Liabilities and Intangible Assetslg...

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accountinglg...

Requirement for Recognition of Provisionlg...

Accounting and Financial Management

Accounting and Financial Reporting

ACC201 Financial Accounting

Accounting for Contingent Liabilities and Intangible Assets

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Requirement for Recognition of Provision