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Essay / Research Paper Abstract
This 5 page paper looks at some problems/contradictions that can be found in the Australian Accounting system. The issue of changes introduced by the harmonization with international accounting standards and the problems with intangible assets are considered and the way assets are treated. The bibliography cites 7 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEprobaasb.rtf
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Unformatted sample text from the term paper:
the business world. Australian Accounting Standards have changed, there is a general approach to this principle, rather than rules based system, that tries to keep the rules simple in order
to prevent ambiguity and promote a culture of responsible accounting. However, like any form of change, where changes are introduced there are potential p[problems. One of the current issues in
Australian accounting has been the shift to international accounting standards and the changes that this means as a result for some clashes that may be seen with generally accepted accounting
concepts which are a foundation of a principles rather than a rules based system. There are a number of areas where there
are clashes, one of these has been with the introduction of AASB 138 which became effective in 2005, with a standard that is fully in line with the IASB requirements
for harmonization, but one that clashes with the traditional views of accounting and the principles based approach, moving the system more towards a rules based approach.
Prior to this implementation 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, 2009, 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, 2009, Deegan, 2001). This may have been a fragmented approach, but it was also an
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