Financial Accounting | Explanation

Running head: FINANCIAL ACCOUNTING
Financial Accounting
Name of the Student
Name of the University
Author’s Note

FINANCIAL ACCOUNTING1
Executive Summary
This report discusses about different aspects of the accounting treatment of internally generated
intangible assets. As per the findings of the report, business organizations now the appropriate
recognition and measurement criteria for internally generated intangible assets due to the inception of
AASB 138/IAS 38. The findings also state that the recognition and measurement criteria of acquired
intangible assets and internally generated intangible assets are not the same. Lastly, this report
shows the reasons for the reluctance of the managements of the companies to press the changes in
AASB 138/IAS 38.

FINANCIAL ACCOUNTING2
Table of Contents
Introduction............................................................................................................................................ 3
Impact of AASB 138/IAS 38................................................................................................................... 3
Acquired Intangible Assets vs. Internally Generated Intangible Assets.................................................4
Reasons for Reluctance of the Companies........................................................................................... 5
Conclusion............................................................................................................................................. 5
References............................................................................................................................................ 6