Comprehensive Report: Australian Accounting Standards and Case Studies

This report provides a detailed analysis of Australian Accounting Standards (AASB) through the examination of three case studies. The first case study, Magneta Limited, focuses on AASB 108 and AASB 116, exploring changes in accounting policies from the cost model to the revaluation model for property, plant, and equipment, including the relevant journal entries. The second case study, Greymouth Limited, delves into AASB 137, addressing the accounting treatment of provisions, specifically the decommissioning of a chemical manufacturing plant, and determining the appropriate method (present value) for calculating the provision. The third case study, Prime Media Limited, examines AASB 138, defining intangible assets and evaluating the recognition criteria for different options related to computer software, considering aspects like identifiability, control, and future economic benefits. The report provides comprehensive insights into the application of these accounting standards and their implications.