Accounting for Contingent Liabilities and Intangible Assets

Research Report

EXECUTIVE SUMMARY
The report has been examined the research about the contingent liabilities in the context
of to AASB137. Further, report has described the case study of the Delta Ltd that how can they
follow AASB137 in their organization and also it has been implicated on these lawsuits in their
financial statement. Moreover, research report has been examined the Internally generated
intangible assets and impairment of intangible assets in context of AAASB138/IAS38 and
AASB136/ IAS36. Furthermore, report has described the difference between Integrally
generates intangible assets and acquired intangible assets. At the last it described that how
company cannot follow the AASB 138 and IAS 38.

Table of Contents
EXECUTIVE SUMMARY ............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1 ...........................................................................................................................................4
1.Explain the accounting for contingent liabilities with reference to AASB137........................4
2.AASB137, how should delta Ltd disclose accounting implication on these lawsuits in its
financial statement as at 31 December 2018...............................................................................4
TASK 2 ...........................................................................................................................................5
3. Internally generated intangible assets and impairment of intangible assets with reference to
AAASB138/IAS38 and AASB136/ IAS36 ..............................................................................5
4.Difference between accounting and integrally generates intangible assets and acquired
intangible assets. .........................................................................................................................5
5.Explain Company may be reluctant for changes in aasb 138 and ias 38................................6
CONCLUSION................................................................................................................................6
REFERENCES ...............................................................................................................................7