Ias 36 Impairment Of Assets Essay

1.3- outline the consequences for individuals with disabilities of being prevented or discouraged from taking risks

The FASB staff indicated that EAs are finite-lived intangible assets based on expected use by the reporting entity. At present, the Company also records the current EAs as intangible assets. However, the SEC staff

* ASC 320-10-35-21: “An investment is impaired if the fair value of the investment is less than its cost.”

the effects of a particular disability; it must be based on an individual assessment that

Your company has goods primarily held for resale. You have been asked whether or not they are considered nonmonetary assets.

Tangible resources that have physical substance, are used in the operations of the business, and are not intended for sale to customers.

IFRS is the internationally accepted accounting principle. Thus, international investors appreciate to invest in companies report under IFRS. As forecasted, Gabias Industries will have an increased sale in Africa, Europe and Pacific areas, where IFRS are the main accounting standard (AICPA, 2013). Similar to American domestic investors, international investors have more confidence on financial reports that are familiar to them. Therefore, reporting financial statement under IFRS will attract international investors to invest in Gabias Industries.

This memo is to assess the establishment of valuation allowance for Deferred Tax Assets. I also explain the current sources of deferred tax for Packer, Inc. Applying GAAP, I will advise not using a valuation allowance of 60% of deferred tax assets.

AASB 3 Business combinations para.14 requires that the acquisition method be used to account for business combinations. This method requires the identification of the acquirer. For example, para.17 states that “an acquirer shall be identified for all business combinations”.

In this report, the Medical and Social Models of disability are explained, the relevance of both and their importance in society. My own personal views on both are contained throughout and within the conclusion, based on research, referenced and listed in the bibliography.

If an intangible asset is not able to meet either of these criteria, it should be recognized as an expense rather than being capitalized to the statement of profit or loss when it incurs. IAS 38 therefore specifically prohibits recognizing internally generated goodwill, customer lists, publishing titles, brands, start-up costs, mastheads and training costs etc.

AASB 138 defines intangible assets as “identifiable non-monetary assets without physical substance”. Such assets include but are not limited to goodwill, trademarks, patents and research and development. AASB 138 Intangible Assets has been implemented to prescribe the accounting treatment for intangible assets that have not been specifically dealt with in any other standard. Therefore, this standard only applies to intangible assets that have not been previously dealt with. Furthermore, it can be established that this standard is an example of normative accounting theories because the standard prescribes what should be done, rather than predicts what people may do. According to AASB 138 Intangible Assets, in order for an asset to be recognised in the financial statements it must meet specific criteria. The required criterion states that the asset must be identifiable, the entity has control of the asset, future economic benefits are probable and the cost of the asset can be measured reliably.

Being important to the discipline of accounting, the objectives of IFRS and IAS are to give guidance on the presentation of financial statements. IFRS as

One of these is with regards to goodwill and intangible assets with identifiable useful lives.

Assets can be hard goods such as computers and equipment, but can also be information and intellectual property.