Accounting Treatments for Identifiable Intangible Assets
identifiable intangible assets are various. Controversial arguments about this issue are also continuous during the recent decade. It is necessary for AASB to speed up the process of developing an accounting standard on this issue.
However, establishing a standard on accounting for identifiable intangibles is never going to be an easy task for Australian standard-setters. Flexible practices have become well established and any proposed restrictions to those practices were inevitably going to give rise to controversy. Alternatively, the AASB could seek to convince the IASB and other national standard-setters that a less restrictive approach is preferable. Meanwhile, academics could well play a role by conducting relevant empirical studies. But, above all, the AASB must have the resolve to finalize the task.
Alfredson, K. 2001, “Accounting for identifiable intangibles: An unfinished standard-setting task”, Australian Accounting Review, vol. 11, no. 2, Reading 7-3 in ACCT20039 Accounting Theory: Resource Materials, 2003, Central Queensland University, Rockhampton.
Belkaoui, A. R. & Jones, S. 1996, Accounting Theory, 1st Australian edn, Harcourt Brace & Company, Australia, Marrickville.
Greaves, M., Whitwell, R., Baxter, P. & Harreveld, D. 2003, ACCT20039 Accounting Theory: Study Guide, Central Queensland University, Rockhampton.
The Group of 100, 2000, Accounting for Identifiable Intangible Assets, [online]. Available at URL: http://www.group100.com.au/submissions/sub_20000525_aasb_iia-ias38.htm (Accessed at 2 May 2003).
Henderson, S. & Peirson, G. 2002, Issues in Financial Accounting, 10th edn, Pearson Education Australia, NSW.
International Accounting Standards Board (IASB) 2002, Summary of IAS 38, [online]. Available at URL: http://www.iasplus.com/standard/ias38.htm (Accessed at 4 May 2003).
Knapp, J. & Kemp, S. (eds.) 2003, Accounting Handbook 2003, Pearson Education Australia, Sydney.
Leo, K. 1999, “Intangible assets and goodwill”, in Financial Accounting Issues, eds K. Leo et al., John Wiley and Sons, Brisbane, Reading 7-1 in ACCT20039 Accounting Theory: Resource Materials, 2003, Central Queensland University, Rockhampton.
Leo, K. 1999, “Intangible assets: Seeking consistency”, Australian CPA, vol. 69, no. 10, Reading 7-2 in ACCT20039 Accounting Theory: Resource Materials, 2003, Central Queensland University, Rockhampton.
Leo, K. J., Hoggett, J. R. & Radford, J. 1995, Accounting for Identifiable Intangibles and Goodwill, Australian Society of Certified Practising Accountants, Melbourne.
Parker, C. & Soukseun, D. 1998, IAS 38: how tangible is the Intangible Standard?, [online]. Available at URL: http://www.cpaonline.com.au/Archive/9812/pg_aa9812_ias38.html (Accessed at 3 May 2003).
Upton, W. S. 2001, “Special Report: Business and Financial Reporting, Challenges from the New Economy”, Financial Accounting Series, April, no. 219-A.