preview

Comparing the Disclosure for Intangible Assets of Cls and Acrux

Better Essays

Research report
Topic: Comparing the disclosure for intangible assets of CLS and Acrux
Details: Analyze the disclosure of intangible assets about two selected company CSL and Acrux.

Executive Summary
The Australian Securities & Investments Commission 's (ASIC) Financial Reporting Surveillance Program was purpose to improve the quality of financial reporting by reviewing the annual financial reports of two listed companies whether or not compliance with the Corporations Act and Australian Accounting Standards. Martha Miller who is the Head of the Financial Reporting Surveillance Program just intended to analyze intangible assets and related disclosures. Thus, comparing the disclosures for the intangible assets of CSL and Acrux, …show more content…

In intellectual property assets and software showed its opening balance, closing balance, additions, disposals, accumulated amortization and impairment currency translation differences and net amount. Goodwill just showed the opening and closing balance and currency translation difference not any impairment loss. However, in intangible capital work in progress, it also showed other more informationabout amount transferred to software intangibles and transferred from PPE. At the end of the notes 12 of intangible assets, it provided additional information about the amortization charge that was recognized in general and administration expenses in the statement of comprehensive income (CSL annual report 2011)and impairment tests for cash generating units containing goodwill. CSL Behring and CSL Blotheraples all were CSL’s goodwill. The total intangible assets in 2011 were lower than before because of amortization in every year.
Furthermore, Acrux limited which was a specialty pharmaceutical company that developed and put its commercial pharmaceutical products to global markets and using some innovative technology to administer proven medicines through the skin (Acrux annual report 2011). Acrux had licensed its technology to Eli Lilly for veterinary healthcare products and it listed in 2004. For their annual report in 2011, the statement of comprehensive income showed external research and development expenses and the notes 5 to illustrate. The

Get Access