Intangible Asset

Item 7.|  |MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS|  | |25|  |

Kieso, D.E., Warfield, T.D., & Wegandt, J.J. (2010). Intermediate Accounting. Hoboken, New Jersey: John Wiley & Sons, Inc.

SFAS 142 addresses financial accounting and the reporting of goodwill acquired as well as other intangible assets. SFAS 142 deals with the initial recognition and measurement of acquired intangibles, except those acquired in a business combination. In other words, SFAS 142 deals with how intangible

The main operating activities of the Nick Scali Limited were finding the supplying source and retailing household furniture and related appliances, accessories.

Accounting for intangibles has gained prominence in the past few decades due to changes in the way the business world operates. The technological revolution and in particular, the information age, has brought intangible resources to the fore of the business environment. Businesses ( even the most traditional production manufacturers ( are moving towards an information age where a competitive edge is increasingly linked to resources other than the fixed and liquid assets as understood by Generally Accepted Accounting Principles (GAAP). Some research has shown that accounting for

The analysis of a firm’s financial statements, whether it is for credit, investment, or any number of other potential purposes, relies heavily on the accounting data/information supplied by the firm in its financial reports. The presentation of such data falls under the auspices of generally accepted accounting principles (GAAP) as prescribed in the U.S. by the SEC and the FASB (Financial Accounting Standards Board) and globally by the IASB (International Accounting Standards Board) through its IFRS (International Financial Reporting Standards). The accounting principles describe the proper procedures for recording and reporting economic activities undertaken by various entities. In

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.

Describe issues of data, arguments, and reasoning-related to each problem within two to six sentences.

Focusing on FASB’s as well as IASB’s pronouncements, the following table summarises the evolution of these accounting treatments.

AASB 8 is an important Accounting Standard from the financial information reporting perspective. It ensures that the entity has to disclose enough information to the user of financial information about the economic activities the entity is involved into and the scope or spread of these activities. The standard requires the entity to provide information about the reportable operating segments of the entity. Operating segments are the components of the entity of which separate financial information is available and it is regularly evaluated by the management – more specifically – the CODM – i.e. the Chief Operating Decision Maker to assess the performance of the particular component and to allocate resources in appropriate

In Canada, however, AcSB's practice regarding intangible assets and recognition of internally developed intangible assets has been identified as a

ACC307 INDIVIDUAL ASSIGNMENT TASK 1: Contemporary Issues of Accounting Theory Fair Value Measurement Overview After the International Accounting Standards Board (IASB) released the IFRS 13 Fair Value Measurement in May 2011 for the purpose of completing its joint project with the US Financial Accounting Standards Board (FASB) on fair value, the Australian Accounting Standard Board (AASB) released the Australian equivalent - AASB 13 Fair Value Measurement in the September of the same year. This standard permitted early adoption but generally started to take effect for the financial reporting periods beginning from 1 January 2013. This new standard requires no new requirement for the adoption and but it was accompanied with the issuing of AASB 2011-8 Amendments to Australian Accounting Standards arising from the AASB 13 which has made consequential changes to 32 standards and 9 interpretations for the adoption in Australia. The new standard attempts to unify IFRS and US GAAP by specifying how entities should apply the fair value measurements that applied in previous IFRS standards. It clarifies and redefines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”, sometimes referred to as an “exit price”. It also sets out a single source guidance for a robust measurement framework to ensure that the requirements are applied consistently and have clear

The Financial Accounting Standard Board (FASB) was established in 1973 to guide nongovernmental entities in the presentation and reposting of financial statements. Their mission is to “establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports” (Financial Accounting Standards Board, 2016). Throughout the years, the FASB has diligently accomplished their mission, specially by issuing Accounting Standard Updates (ASUs) that help amend the standards in those

Paper carefully and insightfully analyzes the information gathered and connects the evidence to both the paragraph and thesis statement. Draws appropriate and inventive conclusions.

For my assignment, I will be looking at Thales’ accounting records, identifying their intangible assets, including property, plant, equipment and good will and impairment on assets. Thales uses the international financial reporting standards (IFRS) as their current accounting standards. The relevant standards for non-current assets that I will be looking at in detail are: