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Financial Accounting & Reporting - Assignment

   

Added on  2021-06-17

5 Pages765 Words30 Views
Running head: FINANCIAL ACCOUNTING AND REPORTINGFinancial Accounting and ReportingName of the Student:Name of the University:Author’s Note:Course ID:

1FINANCIAL ACCOUNTING AND REPORTINGMcKenzie and Associates668 George StreetMelbourne, VIC 30006 July 2018Mr Con PewterManaging DirectorPewter LimitedRespected Mr Pewter:Based on the provided information, the relevant financial standard that would beapplicable for the acquisition of Fishy Tales Limited is “AASB 138 Intangible Assets”. Asmentioned in “Paragraph 9 of AASB 138”, the business organisations often acquire assets andliabilities on acquisition of trademarks including publishing titles and brand names. One of theitems under these headings includes fishing licences and it is identified that both Pewter Limitedand its acquired unit, Fishy Tales Limited are the producers of canned and frozen fish. Inaddition, it has been identified that goodwill related to Fishy Tales Limited has been acquired inbusiness combination. In this context, “Paragraph 36 of AASB 138” states that intangible assetslike goodwill acquired in business combination might be differentiable; however, with anassociated contract, identifiable asset and liability.

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