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Essay / Research Paper Abstract
This 6 page paper examines several aspects of the New Australian Accounting Standard Board 1047 regulation; Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards. The paper looks at the changes of treatment for intangible assets, defined benefit superannuation schemes and revaluation before considering the long term benefits of adopting this measure. The bibliography cites 5 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEAASB1047.rtf
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Unformatted sample text from the term paper:
short term impacts will sees some dramatic changes in the results reported. The issue of intangible assets have always been controversial issue. The introduction of AASB 1047 means that the
level of intangible assets which can be included in the accounts are severely limited and in many cases a range of assets currently shown on balance sheets will need to
be declassified and wiped out. Section 4.1.2 (i) states that where there are currently intangible assets in the accounts, which have been created internally, for example good will, the
majority of these will need to declassified unless they fulfil specific criteria (AASB, 2004, Treasury, 2004). As many of the intangible assets will have an indefinite life (note that this
does not mean infinite), they cannot be classified as they will not fit the criteria for recognition (AASB, 2004, Treasury, 2004). Intangible assets that have not been created internally, such
as goodwill in an acquisition, will need to be amortised (Treasury, 2004) This is not the only way in which there will be an impact, revaluations of intangible asserts
that can be recognised need to be reconsidered. Where there have been revaluations, unless these have been made with reference to an market value these will also have to be
derecognised. These measures may have a dramatic impact on Australian companies as not only do they need to recalculate the annual accounts with these policies in mind they will also
need to explain the impacts in words (Andrews, 20030). If we look at a single company we can assess how this will impact on the results reported for
a company, not only wiping value off of the balance sheet but also impacting on the different ratios that are used for assessments. If we use a single example we
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