ACF 212 Principles of Financial Accounting Assignment

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ACF 212 Principles of Financial Accounting Assignment - Lancaster University, UK

Question - Evaluate whether accounting standards should expand the requirements for the recognition of intangible assets in the balance sheet. To that end:

a) Summarise and compare the recognition requirements of IAS 38 'Intangible Assets' for (i) separately acquired intangibles, (ii) intangibles acquired as part of a business combination and (iii) internally generated intangibles.

b) Discuss, giving supportive and contrary arguments, whether the requirement for the recognition of intangible assets in the balance sheet should be expanded. You can include arguments considered in the article provided (Penman, 2009; see below), but you have to refer to additional arguments to receive full marks.

As a starting point, read the article 'Accounting for Intangible Assets: There is Also an Income Statement' by Stephen Penman [2009, Abacus 45(3), pp. 358 -371]. This article serves only as starting point; you have to consult further sources to answer the above.

Reading - Articles quoted and ideas used in the report must be properly referenced and cited using the Harvard referencing system. Marks will be deducted if these aspects are not properly addressed. For further guidance, see the Departmental Undergraduate Reference Guide that can be found on the Department of Accounting and Finance Moodle site.

Attachment:- Principles of Financial Accounting Assignment Files.rar

Reference no: EM132575154

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