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Accounting Standard for Intangible Assets - Assignment

   

Added on  2020-01-28

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STUDENT NAME:STUDENT ID:SUBJECT CODE:ASSIGNMENT TITLE: ACCOUNTING STANDARD FORINTANGIBLE ASSETS1

Executive summaryIntangible assets of an organization can be definite or indefinite in nature which should have tobe evaluated effectively and efficiently as per the accounting standard of AASB 138 and 136.Evaluation of intangible assets through recognition, acquisition and amortization should have tobe interpreted through which financial statement can be reviewed for a particular financial yearappropriately. In this report Australia-based banking organization Westpac Banking Group'sintangible assets from the annual report and financial statement are evaluated throughimpairment, amortization and identifiability criteria of AASB.2

Table of contentOverview of the company................................................................................................................41) Composition of the intangible assets in the company.................................................................42) Evaluation of the identifiability, recognition, and acquisition of intangible assets as per thefinancial statements of the company................................................................................................53) Evaluating measurement and determination and amortization of intangible assets in thecompany...........................................................................................................................................74) Evaluating the impairment of intangible assets as per the financial statement measurement.....85) Discussing sufficient information provided in the company's financial statement as per AASB138 and AASB 136..........................................................................................................................9Reference list.................................................................................................................................103

Overview of the company In this reported statement, the selected company is Westpac Banking Group of Australia which islisted on the Australian Securities Exchange (ASX). The organization is a public limited bankingcompany with a provision of financial and banking services in the World Wide in an appropriatemanner. Some branches in all over the World are around 1429 and products and services of thisbanking organization rare traded in ASX, NYSE (New York Stock Exchange) and NZX (NewZealand Stock Exchange) (Ding et al. 2016, p.25). Westpac banking group was founded on 1982with the headquarters in Westpac in Sydney with around 3850 locations. Some workers arearound 32620 as per the last annual report and continued to increase year to year. Products andservices offered by this organization are mainly corporate and investment banking, wealthmanagement, insurance and financial services, mortgages and credit cards to the customers.According to the financial year 2015, the company's revenue is around A$ 21.642 with totalassets was around A $812.156 billion. Therefore it can be concluded that the company hasserved Worldwide and can meet the requirements of the customers in an efficient manner andrevenue and total assets with net income of the organization are continued to increase (Chan etal. 2016, p.250). In this regard, intangible assets of this company should have to be reviewed andevaluated to understand recognition and amortization aspects of intangible assets. 1) Composition of the intangible assets in the company Intangible assets: In general terms it has been considered by the accountants and accountingstandard boards that intangible assets are not physical in nature but considered as an assets suchas trademarks, copyrights, brand recognition goodwill and patents which are to be included in thefinancial statements of balance sheet of a company as per accounting rules and standardseffectively and appropriately (Castilla-Polo and Gallardo-Vázquez, 2016, p.329). 4

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