This report provides an overview of financial accounting, including the process of recording transactions and preparing financial statements. It discusses accounting standards such as AASB 137, AASB 138, and AASB 136, and includes a case study on Delta Ltd. The report concludes with the importance of proper disclosure in financial statements.

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Financial Accounting - Study Material and Assignments

Financial Accounting

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Assignment On Financial Accounting 2022

Assignment

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.

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

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.

Importance of Accounting Standards and Their Application in Financial Statements

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

Accounting and Reporting Executive Summary

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.

Financial Accounting

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Assignment On Financial Accounting 2022

Financial Accounting

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Importance of Accounting Standards and Their Application in Financial Statements

Accounting and Reporting Executive Summary

Accounting and financial reporting

Financial Accounting

End of preview

Assignment On Financial Accounting 2022lg...

Financial Accountinglg...

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accountinglg...

Importance of Accounting Standards and Their Application in Financial Statementslg...

Accounting and Reporting Executive Summarylg...

Accounting and financial reportinglg...

Assignment On Financial Accounting 2022

Financial Accounting

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING 2 Financial Accounting

Importance of Accounting Standards and Their Application in Financial Statements

Accounting and Reporting Executive Summary

Accounting and financial reporting