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... Colin Parker and Daen Soukseun examine IAS 38.The new International Accounting Standard IAS 38 Intangible Assets will fundamentally alter the way Australian reporting entities account and report intangibles (including research and development expenditure) if the Australian Accounting Standards Board and the Public Sector Accounting Standards Board harmonise with IAS 38. The automatic adoption of IAS 38 in Australia would result in derecognition of many existing intangible assets, far fewer new intangibles being recognised as assets, decreased operating results as costs associated with the developing intangibles would be expensed, and less information to users of financial reports. ... The release of IAS 38 by the International Accounting Standards Committee (IASC) is now being viewed with increasing concern as the Boards turn their attention to the Australian version. The requirements contained in IAS 38 are inconsistent with existing practices in Australia, yet we have no specific Accounting Standard addressing intangibles. ... The monograph, written by Leo, Radford and Hoggett, was the basis for the CPA Australias submission on E50 Intangibles, subsequently IAS 38.
Approximate Word count = 846
Approximate Pages = 3.4
(250 words per page double spaced)
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