1. Main features of AASB 138 ‘intangible assets’. How Pics Ltd should account its intangible assets.
The Australian Accounting Standard Board 138 (AASB 138) defines and prescribes the recognition, measurement and disclosure of ‘intangibles assets’ not specifically covered by another standard.
AASB 138 defines an intangible asset as ‘an identifiable non-monetary asset without physical substance’. Some examples intangible assets are patents, computer software, licenses, trademarks or brand names, customer lists, patents and copyrights.
An item must meet the following criteria to be defined as an intangible asset:
a) Identifiability: an ‘intangible asset requires being identifiable to distinguish it from goodwill’.
To be identifiable, an asset must be either
i. Separable ii. Arises from contractual or other legal rights’
A separable asset can be separated or divided from the entity to be sold or
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b) Control over a resource refers to the power of the entity to obtain the future economic benefits and restrict the access of others to the intangible asset.
By having the legal rights of an asset and entity can easier demonstrate the control of the asset but in some cases is not the control of the asset required, is the control of the future benefits that must be proved. KPMG (2009) considers that in absence of legal rights, exchange transactions of the same (outside of business combination) or similar intangible assets provides de evidence of control.
c) Existence of future economic benefits, it must be probable that the asset will produce future benefits the company such as ‘revenue for the sale of products or services, cost savings’ among
In this report I will discuss different solutions for PVMS to help them improve network communications between the stores and head office, and centralize procedures for recording stock. This report will list the advantage and the disadvantage of each one.
ANSWER: User Configuration can be used in Group Policy to set policies that apply to users, regardless of which computer they log on to. User configuration contains various sub items for:
FASB Codification. Digital image. FASB Accounting Standards Codification Professional View. FASB. Web. 28 Nov. 2010. .
As we look back on intellectual movements throughout history, it can be seen that the perceptions of nature changed drastically. The Enlightenment and Romantic movements are not separate from this observation; in fact they are prime examples, seeing as that in both eras nature is a major theme and exploration point for the people of the time. This interest in nature, however, is where the majority of similarities end between the two movements. In order to fully understand the differences in ideals between the two movements, we must focus on the disciplines they study most, the themes created when they are studied, and the way humanity is compared to nature.
Did you know tobacco and alcohol use cause over 475,000 deaths in the U.S. annually? To assist young people in avoiding these harmful behaviors, the D.A.R.E. program enhances the knowledge and awareness of the hazards regarding dangerous substances throughout a ten week program. The acronym D.A.R.E. stands for drugs, abuse, resistance, and education. D.A.R.E. ensures the safety of adolescents in various situations and instills beneficial strategies, techniques, and tips to aid young people in making responsible decisions.
1. (45 pts) For each major (CS, IT, DET, IS), identify three important and uniquely identifying characteristics and describe how the four types of professionals would work together in a professional setting. Include information learned from the various instructors for each discipline. How do professionals from these areas work together?
When I found out I qualified to be a candidate for the NJHS, I knew I had to take this chance. This group is made up of people who depict leadership, character, citizenship, academic success, and service and I would love to join. These characteristics wouldn't just be valuable for a candidate to have, but for everyone to have to exceed in life. If I were to be in the National Junior Honor Society, it would give me an opportunity to ameliorate my future and motivate me to do better.
a car, wallet, photograph, shirt, pen and phone and so on) (Roger, 2012). The intangible personal property, on the other hand, is personal property that by its very nature does not have a physical existence as such, but is merely a right that can be owned as opposed to a real, tangible objects (i.e. stocks and bonds) (Roger, 2012). Overall, the real, intellectual and personal property has the same rights under the law, but their circumstances are very different in
From an accountant's perspective, goodwill appears in accounts of a company only when the company has purchased some intangible and valuable economic source. Intangibles such as patents and copyrights are examples of identifiable intangible assets. On the other hand, intangibles such as favorable government regulations, outstanding credit ratings, superior management and good labor relations are examples of unidentifiable intangible assets (Tweedie, 27). Goodwill comprises the complete set of unidentifiable intangible assets held by the reporting entity. Generally, goodwill has appeared to be an umbrella concept embracing many features of a company's activities that could lead to superior earning power, such as excellent management, an outstanding workforce, effective advertising and market penetration.
Lange, Fornaro, and Buttermilch (2015) focused their research on the FASB Accounting Standards Update (ASU) 2011-08, in regards to Intangibles – Goodwill and Other: Testing Goodwill for Impairment. The authors elaborated on how reporting has been done in the past and how the changes made for private companies has helped ease the financial reporting of goodwill. In addition, the authors discussed the definition of a public business entity. This helps to allow private companies to determine the proper way to report their financial
The main method used by businesses to classify assets is to split them into tangible assets, which have a separate existence from the business (examples of which would include buildings, land and machinery), and intangibles which do not. Some clear examples of intangibles include goodwill, patents, research and development expenditure and trademarks. Intangible assets are usually created within the organisation over a period of time, by the company itself, rather than acquired from an external source and are rarely sold off individually they can normally only be sold in conjunction with associated tangible assets.
AASB, Australian Accounting Standards Board, Statement of Accounting Concepts SAC4 ‘Definition and recognition of the elements of financial stat
Assets are those things that are owned by an organization which have future economic value that are measurable and expressed in terms of monetary value. Basically assets are those resources which are acquired by a company through various transactions. (accounting coach, 2016)
By definition, ownership is the act, state, or moral right of possessing something, and for the sake of reference something we be referred to as an object. It defines who we are in this society, what social class we fall into, what goals we set for ourselves in order to obtain something just as it also denotes the status of our prowess, and the result of our actions. Such a definition cannot be proven for it is an interoperation based on observations; nonetheless it is considered a moral right by most such as freedom of speech and self-defense. For instance most laws against stealing will condemn a criminal for stealing even if the criminal gets away with the crime because the thef committed a crime, and most people think stealing is wrong
The World Intellectual Property Organization, Intellectual property is the ‘products of the mind: inventions, literary and artistic works, any symbols, names, images, and designs used in commerce’. Intellectual Properties such as Patents, designs, trademarks and copyrights are protected by laws. The US government offers different types of protection for these properties. The Lanham Act (15 U.S.C.A. Section 1051 et seq., also known as the Trademark Act of 1946, provides protection for trademarks. A trademark is defined as a name, word, symbol, or device or any combination thereof, adopted and used by a manufacturer or merchant to identify its goods and distinguish them from those manufactured and sold by others.