This report provides an in-depth analysis of AASB 137 and 138, focusing on contingent liabilities and internally generated intangibles. It includes case studies to clarify the implementation and objectives of these standards.

Detailed analysis of AASB 137 and 138, covering contingent liabilities and internally generated intangibles, with case studies for better understanding.

Understanding AASB 137 and 138: Contingent Liabilities and Internally Generated Intangibles

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

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

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

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

Financial Reporting

Queensland University of Technology

ACC 203 Tax Assignment | Accounting Issues Assignment

This document discusses the measurement and recognition requirements as per AASB 137 for provisions, contingent assets, and liabilities. It also explores the provisions, contingent assets, and liabilities disclosed in Telstra Corporation's annual report of 2018.

Understanding AASB 137 and 138: Contingent Liabilities and Internally Generated Intangibles

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