Here is the synopsis of our sample research paper on AASB 138. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
From the 1st January 2005 AASB 138 dealing with accounting for intangible assets came into force in Australia. The standard which brings Australian accounting standards into line with international accounting standards poses some difficulties. This 4 page paper examines some of the ways this will wipe value from Austrian companies and the way it contradicts former standards. The bibliography cites 7 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEaasb138.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
bring the treatment of intangible assets into line with international accounting standards. The aims of bringing accounting standards into line may be necessary, but it is not without problems.
In the past Australia did not have any single accounting standard that dealt with intangible assets, instead this was covered by a number of different standards which were used where
applicable. For example, AASB 1013 dealt with the way goodwill would be accounted for, AASB 1011 dealt with accounting for research and development and other included elements on how the
intangible assets should be valued (AASB, 2004, Deegan, 2001). Also AASB 1015 dealing with the acquisitions of assets and AASB 1021 which dealt with deprecation or amortisation, and AASB 1041
which dealt with the revaluation of non current assets (AASB, 2004, Deegan, 2001). The difficulties arise in terms of the way this will impact on current accounting and the contradictions
that are seen with former standards. This may impact with looses of former asset and also a theoretical clash with basic accounting principles such as the matching concept. The
matching concept is one of the basic principles of accounting and is that the cost of an asset should be accounting for so that it matching with the revenue it
produces. Often this has been claimed as clashing with the concept of produce to acct for known costs but not suspected or projected revue until it emerges. One of the
main differences may be seen as leaning more towards the prudence approach as under AASB 138 research, which may be a full research and development project or simply the research
phase of a larger internal project needs to be accounted for as an expense in the year in which it is incurred (AASB, 2004). In many cases research and
...