Accounting and Reporting Executive Summary

Running heads: REPORT 0
FINANCIAL ACCOUNTING AND REPORTING
MAY 25, 2019
STUDENT DETAILS:

REPORT 1
Executive Summary
The information stated by financial statements in compliance with accounting standard makes
sure the transparency of the businesses. The AASB 138/IAS 38 addresses the procedure to
identify the intangible asset, as well as the procedure assess the intangible assets. This
standard also sets out the needs for disclosing the intangible asset. On the other hand,
AASB 136/IAS 36 ‘Impairment of Assets’ includes IAS 36 ‘Impairment of Assets’ addressed
by the International Accounting Standards Board. Australian-specific paragraphs (that are
not covered in IAS 36) are recognised with a prefix ‘Aus’. Paragraph that is applicable only
on the not-for-profit organisations create by recognising the limited applicability.

REPORT 2
Contents
Executive Summary..................................................................................................... 1
Answer 1.................................................................................................................. 3
Introduction............................................................................................................ 3
Accounting for contingent liabilities as per AASB 137.......................................................3
Accounting implications of lawsuits in financial statement..................................................3
Conclusion............................................................................................................. 3
Answer 2:................................................................................................................. 4
Introduction............................................................................................................ 4
Accounting for internally generated intangible assets and impairment of intangible assets regarding
AASB138/IAS 38 and AASB136/IAS36........................................................................4
Differences between accounting for internally generated intangible assets and acquired intangible
assets in AASB 138 or IAS 38..................................................................................... 4
Changes in AASB 138 or IAS 38 to need more recognition of internally made intangible assets....4
Conclusion................................................................................................................ 4