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.

Success in Higher Education

This is the subject outline for Success in Higher Education at KING’S OWN INSTITUTE for the T119 semester.

Importance of accounting standards in financial statements, covering liabilities, assets, and differences between AASB 138 and AASB 136.

Importance of Accounting Standards and Their Application in Financial Statements

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

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.

Financial Accounting

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

Leadership Management

Assignment On Financial Accounting 2022

Assignment

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

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

Importance of Accounting Standards and Their Application in Financial Statements

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Accounting and Financial Reporting

Financial Accounting

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Assignment On Financial Accounting 2022

Accounting for Contingent Liabilities and Intangible Assets

Accounting and Reporting Executive Summary

Importance of Accounting Standards and Their Application in Financial Statements

End of preview

Accounting and Financial Reportinglg...

Financial Accountinglg...

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accountinglg...

Assignment On Financial Accounting 2022lg...

Accounting for Contingent Liabilities and Intangible Assetslg...

Accounting and Reporting Executive Summarylg...

Accounting and Financial Reporting

Financial Accounting

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Assignment On Financial Accounting 2022

Accounting for Contingent Liabilities and Intangible Assets

Accounting and Reporting Executive Summary