This report provides an executive summary and detailed analysis of financial accounting standards relevant to West Ltd, a company selling canned and frozen fish products. The study focuses on AASB 136 (Impairment of Assets) and AASB 138 (Intangible Assets), examining their implications in the context of West Ltd's acquisition of Fishy Tales Ltd and the use of the ship 'Steve Irwin'. The report discusses the importance of accounting standards in ensuring financial transparency and reliability, and provides recommendations regarding the accounting treatment of the ship and its potential impairment. The analysis includes the relevance of goodwill, impairment losses, and the proper capitalization of repair costs. The report concludes by emphasizing the importance of adhering to accounting standards for informed financial decision-making and stakeholder trust.