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Essay / Research Paper Abstract
This 6 page paper considers the short and long term impact of Australia adopting international accounting standards. Under the recently adopted Australian Accounting Standard Board 1047 regulation; Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards a number of regulations have been introduced and standards changed. This paper looks at the advantages and disadvantages. The bibliography cites 5 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEausint.rtf
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Unformatted sample text from the term paper:
towards the harmonisation of accounts with international standards, but the 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 may bring some long term benefits to Australian commerce, but there are also disadvantages to accompany the advantages.
In the short term the impact of adopting international standards may impact on the results announced by companies and wipe a large amount of value from the companies
on the Australian stock exchange. There is a well known reaction of the markets where value disappears; the share prices fall. However they may recover as the values are based
not only on assets but on the levels of return and a number of other factors. As the asset bases reduce there will be increases in some ratios such as
the return on assets and the overall performance levels with the company appearing to be more efficient than before. This may also subsequently stimulate demand. In addition to this many
investors look at the return they will get and the use of yield analysis. There are many examples of how this may
occur. The elimination of the ability of companies to include the majority internally created intangible assets will wipe book value from a number companies (Bruce, 2003). If we look at
one company and how the annual accounts could be effected we can then consider how this may impact on the entire stock market.
One company that has a large level iof intangible assets is Ernest and Tate. Ernest and Tate are a well known Australian wine company, using their consolidated annual accounts
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