This financial accounting report analyzes key aspects of financial reporting, focusing on Australian Accounting Standards Board (AASB) standards. The report examines AASB 136, AASB 137, and AASB 138, detailing the treatment of contingent liabilities, particularly in the context of Delta Ltd's lawsuit. It also explores the accounting treatment for intangible assets, differentiating between acquired and internally generated assets. The report highlights the reluctance of companies to adopt changes in AASB 138/IAS 38 due to the impact on earnings and the additional expenses involved. The conclusion summarizes the importance of adhering to accounting standards in financial statement preparation and the specific treatments discussed throughout the report. The report also references several sources related to accounting and finance.
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