Issues in Financial Accounting

Running head: FINANCIAL ACCOUNTING
Financial accounting
Name of the student
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1FINANCIAL ACCOUNTING
Executive summary
Aim of the report is to highlight the issues mentioned in the case study and providing suggestion
in compliance with accounting standards issued by AASB. West Ltd is the leader in selling
canned as well as frozen fish products and sells its products through 2 brand names. 1st issue is
associated with recognition of environmental responsibility in accordance with AASB 138 –
Intangible asset whereas the 2nd issue is associated with recognition of contingent liability owing
to the guarantee provided in case of damage in accordance with AASB 137 - Provisions,
Contingent liabilities and Contingent assets.

2FINANCIAL ACCOUNTING
Table of Contents
Introduction......................................................................................................................................3
Findings...........................................................................................................................................3
Issues mentioned in the case study..............................................................................................3
1st issue – Intangible assets..........................................................................................................3
2nd issue - Provisions, contingent liabilities and contingent assets..............................................4
Conclusion and recommendation....................................................................................................6
Reference.........................................................................................................................................7