Essay Example on The report describes the analysis done on the practical Characteristic

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Introduction The report describes the analysis done on the practical characteristic of the accounting terminology and delivers proficient advice to the client The report also considers and showcases the different aspects of accounting features that are to be taken into consideration while undertaking the company's financial policy in accordance to the Australian Court of Law The report covers the different aspects of presentation of intangible assets of the organization named Beachlife Ltd The report also covers the potential changes that are required to be incorporated by the organization Beachlife Ltd in its accounting policies The various changes that the company must incorporate to improvise on the presentation of its intangible assets is also mentioned The report also discloses the admission of intangible assets by Beachlife Ltd in Australian market following to the prologue in 2005 of AASB 136 Impairment of Assets and AASB 138 Intangible Assets The report also covers the presentations that are laid by the Accounting Standard laws in regards to the organizations revenue and other related cost issues Presentation of such intangible assets and potential changes in accounting policy In order to increase the percentage of business commerce and trade the primary assets owned by Beachlife Ltd must be evaluated and increase the amount of intangible assets in the organization working culture


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The intangible assets tend to have long durability irrespective of their physically being there The intangible assets characterize the basis of infrastructure of the organization on which the trading aspect of the firm receives their potential cash reserves and gains The evaluation of such intangible assets is a highly complex process but at the same time they embody an important depository of assessment for Australian undertaking organizations As per the annual reports issued by the Australian Stock Exchange in 2006 Aspect Financial Analysis terminology has been accustomed by a team of selected people to insure the maximization of the intangible assets profits The assortment is more explained and advanced I the sections of S P ASX Top 100 listed firms in 2006 under the head of intangible assets customization Few potential changes are recommended in the asset accumulation and presentation of intangible assets of the Beachlife Ltd in order to take the organization to new heights In Australia the change to IFRS has main considerable resultants for the economic fiscal and monetary coverage related to intangible assets in both of the cases restricted or unrestricted scenarios Before the inclusion of IFRS the prominent accounting method applicable was simply based on the query of intangible assets and documentation and testimony of intangibles But with the introduction of AASB1013 Accounting of Goodwill in amalgamation with AASB 1015 Accounting for Acquisition of Assets organization like Beachlife Ltd are summoned to provide legal documentations for the purchase and dealings of intangible assets

As per the notifications given by the ASSB 116 Property Plant and Equipment the intangible assets evaluation is recommended and to be formulated and documented properly Beachlife Ltd must follow the guidelines stated by the Australian Accounting Standards mentioning AASB 2 Share based payment policy Beachlife Ltd must incorporate the policies mentioned by the Australian Accounting for Acquisition of intangible assets to present its intangible assets accumulation and dispersion techniques As per the specifications mentioned by The AASB Australian Financial Reporting Framework a slender range of amending standards and a new most important edition of AASB 1048 has been issued and all the organizations have to compile to the rules and regulations set by the AASB 1048 Any organization working within Australian boundaries are compelled to follow the amendments and regulations laid by the AASB Practice Statement 2 Beachlife Ltd must adopt certain documentation process that incorporate all the rules and regulative mentioned by the AASB directives The presentation structure and the strategically changes that are incorporated must be documented separately and filed properly for any future reference Beachlife Ltd must adhere to all the changes mentioned by Australian Accounting Standards before making its final presentations related to accounting policies of the organization Presentation of the revenue and related costs AASB 101 Presentation of Financial Statements states IAS 1 Presentation of Financial Statements stated by the International Accounting Standards Board IASB The Standard demonstrates the credentials of presentation of common principle monetary documentations to make sure the comparison between the current financial statements and the earlier financial statements stating the revenue and other related costs Australian 



Accounting Standards lays a particular set of rules and regulations that lays down the foundation for the detection of extent and revelation necessities for précised dealings communications and other proceedings Beachlife Ltd must incorporate the rules and regulations as addressed by the Australian Accounting Standards for the presentation of the organizations financial declaration guiding principles and strategies to structure the revenue policies and costs A comprehensive set of monetary and revenue cost include a declaration of financial arrangement at the conclusion of the financial year Along with that a declaration compromising a profit and loss and other related income must be enclosed for the same financial period A declaration of any alteration in the holdings of the equities by Beachlife Ltd has to be mentioned The declaration related to Beachlife Ltd yearly cash flow in the same financial year has to be clearly documented Any notes that Beachlife Ltd has recently taken or changed affecting the organizations policy and terminologies have to be incorporated in the organization accounting and explanatory notification statement The declaration of fiscal monetary and economic position Beachlife Ltd at the commencement of the previous year when the organization induces an accounting policy or makes any statements regarding the financial stature of the organization has to be clearly mentioned in respect with the paragraphs 40A 40D of the Australian Accounting Standards The fiscal monetary and economic declaration of Beachlife Ltd must reasonably showcase the fiscal arrangement monetary performance and currency flow of the organization


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