Robert Keys FCA - AASB Principal Fellow, Australian Accounting Standards Board1 July 2022 "It's time to improve disclosures A review of how intangible assets are accounted for in financial statements is long overdue. Although the prohibition on the recognition of many internally generated intangible assets (including research, brands, mastheads, publishing titles, customer lists and items similar in substance) might still be justifiable, it's time to question how non-recognition could be supplemented by disclosures." 

 

Specific RequirementsL

 

Assume you have finished your Commerce degree and are now an accountant working for the AASB. Your manager who is an AASB Principal Fellow has asked you to for a business report which: 

 

1. With reference to the fundamental qualitative characteristics of useful financial information prescribed in the Conceptual Framework for Financial Reporting, explains why internally and externally generated intangibles are treated differently in the general-purpose financial statements. 

 

Resources: to answer this question 
Conceptual Framework for Financial Reporting

AASB Staff Paper: Intangible assets: reducing the financial statements information gap through improved disclosures, 2022

Answer rating: 100% (QA)

The fundamental qualitative traits of relevant financial information in financial statements are des... View the full answer