Accounting standard-differences in requirements are logical

Assignment Help Financial Accounting

Reference no: EM131256788

We have a separate accounting standard, AASB 138, that specifically deals with intangible assets and it provides different requirements from those for property, plant and equipment (the rules for which appear in AASB 116). What is it about intangible assets that require them to have a separate accounting standard? Do you think the differences in requirements are logical? ( 300 words)

Reference no: EM131256788

Questions Cloud

Land be recorded in easy repair services records : On May 19, Easy Repair Service extended an offer of $123,000 for land that had been priced for sale at $141,000. On June 4, Easy Repair Service accepted the seller's counteroffer of $134,000. On October 10, the land was assessed at a value of $201,00..

What value should the land be recorded : On February 22, Kountry Repair Service extended an offer of $200,000 for land that had been priced for sale at $250,000. On April 3, Kountry Repair Service accepted the seller’s counter offer of $230,000. On September 15, the land was assessed at a v..

Calculate the present value of the minimum lease payments : It is argued by some researchers that even in the absence of regulation, organisations will have an incentive to provide credible information about their operations and performance to certain parties outside the organisation; otherwise, the costs of ..

Inappropriate behavior and violations of your firms code : You are aware of inappropriate behavior and violations of your firm's code of conduct throughout your operation. In n effort to support a collegial and positive atmosphere, however, you do not encourage co- workers to report on their peers. How would..

Accounting standard-differences in requirements are logical : We have a separate accounting standard, AASB 138, that specifically deals with intangible assets and it provides different requirements from those for property, plant and equipment (the rules for which appear in AASB 116). What is it about intangible..

Prepare the journal entries to account for the entries : Accounting for share issues and options Sunny Ltd is looking to expand its operations, and in order to do this, the company needs to increase equity. On 1 January 2016, Sunny Ltd offered 4,000,000 ordinary shares to the public at an issue price of $3..

Financial position prepared by the graduate accountant : Financial statement presentation You are a senior financial accountant at Thunder Ltd. One of the new graduate accountants has prepared the following statement of financial position as at 30 June 2016, after its first year of operations: Review the s..

Compute cost assigned to ending inventory using fifo-lifo : Montoure Company uses a perpetual inventory system. It entered into the following calender-year 2015 purchases and sales transactions. Compute cost of goods available for sale and the number units available for sale. Compute the cost assigned to endi..

A prepaid account is an expense account : At December 31, 2016, Company A has assets of $430,000 and liabilities of $205,000. Based on this information and your understanding of the accounting equation, which of the following statements are true? A prepaid account is an expense account. Cons..

User Account

All Pages