Australia has Embraced a Less than Ideal Accounting Standard Essay

Australia has Embraced a Less than Ideal Accounting Standard Essay

Length: 3148 words (9 double-spaced pages)

Rating: Term Papers

Open Document

Essay Preview

The Corporate Law Economic Reform Program No 9 discussion paper, recommended that Australia adopt the International Financial Reporting Standards (IFRS) which commenced 1st January 2005. A key driver for this recommendation was realization that Australia was part of an increasingly global network. It was suggested that adoption of the IFRS would lead to “high quality, internationally accepted accounting standards which will facilitate cross border comparisons by investors”, (CLERP No.9 2003). A benefit of improved comparability of accounting information would be enhanced bilateral capital flows at a lower cost to Australian firms. This prompted much debate and expressed concerns in Australia with the IFRS introduction. Many of the concerns related to “a potential loss of autonomy and legitimacy in standard setting”, (Jones & Wolnizer 2003). They also suggest that “the perception that IFRS are of lower quality than local Australian standards”.
The adoption of IFRS changed financial reporting requirements for Australian businesses. New standards were proclaimed to cover previously loosely regulated areas of financial reporting. AASB138/IAS38 Intangible Assets was proclaimed with the adoption of IFRS. Prior to 2005 Intangible Assets were not covered by an overarching standard, but aspects were covered by a number of related accounting standards. AASB 138 caused much consternation for Australian businesses in meeting new criteria. This paper examines the standard for Intangible Assets and explores consequences for research and development (R&D) expenditure.

Qualitative features of financial information are imperative in making decisions for the firms and corporate. Financial information reveals a firm’s ava...

... middle of paper ...

Schipper, K 1989, ‘Commentary on Earnings Management’, Accounting Horizons, Vol September, pp. 91-103, retrieved 2nd January 2014, EBSCOHost database.
Treasury Department 2002, ‘CLERP No 9 ‘Proposal for Reform – Corporate Disclosure Part 6 Accounting Standards’,
Watts, R & Zimmerman, J 1978, ‘Towards a Positive Theory of the Determination of Accounting Standards’, The Accounting Review, Vol LIII, No 1, pp 112-134.
Zare, I, Nekounam, J and Gerami, A 2012 , ‘Review Reliability for Value of Intangible Assets in Financial Statements’, Vol. 2, no. 3, pp. 7115 - 7119 , Journal of Basic and Applied Scientific Research <,%202%287%297115-7120,%202012.pdf>

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

The American Dream Ideal in The Great Gatsby by F. Scott Fitzgerald Essay

- The American dream is a constantly repeating topic in American literary works, going once again to a portion of the soonest pilgrim compositions. To quickly characterize, it is the conviction that each man, whatever his beginnings, may seek after and achieve his picked objectives, even if they are political, mental, or social. It is the scholarly representation of the thought of America: the place that is known for chances to succeed. This theme has thought that it was voice in such various men of letters as William Bradford and Walt Whitman....   [tags: Twenties, Satisfaction, Religious theme]

Term Papers
1444 words (4.1 pages)

Essay about The Economy's Growing and the Standard of Living in the United States

- During the 20th century economy has changed and international trade has been developped. It allowed to increase our standard of living. Therefore we need to understand why countries have opened their boarder and what the impact is. To do that we need to understantd what the trade bring to us in defining the comparative advantage. After that one important point is to understand which effect the technological change has on trade. Then the main point that it’s whether trade is benefical for everyone or leads to dangerous competitveness and why this behaviour can happen like protectionims and which are the consequences....   [tags: USA, Krugman, economy, standard of living,]

Term Papers
1481 words (4.2 pages)

Ideal Alignment: Execute Movement most Efficiently and Safety Essay

- In dance, the term ‘ideal alignment’ refers to the body at the state of which allows the dancer to execute movement most efficiently and safely. Correct alignment can relieve muscle tension and stress, which can be greatly assisted through imagery. Eric Franklin stated that "Posture reveals our genetic and social heritage as well as the sum of our accumulated mental and physical habits." Posture constantly fluctuates due to one’s psychological state (Franklin, E 1996). As a result, dancers must be able to recognise these postural changes and adapt their movement accordingly....   [tags: dance, ideal aligment, posture]

Term Papers
1232 words (3.5 pages)

Reasonable Suspicion in Law Enforcement Essay

- Being suspicious about someone is not necessarily bad for police officers, as long as you have a reason to suspect. For example, have you ever seen a person that you have never seen before, walk by your neighborhood. Law enforcement officers patrol the streets making sure there isn’t anything suspicious going on. There have been cases were the police have been accused of stopping people over for no reason. Some say they were racially profiled. Whatever the case is, police have to have reasonable suspicion to stop someone....   [tags: lesser standard than probable cause]

Term Papers
901 words (2.6 pages)

Essay on A Private Industry Metadata Standard with Benefits for Libraries

- The ONIX standards for metadata are XML-based standards intended to facilitate the transfer of bibliographic and production information along the book and e-book production and supply chains. Its origin and development were originally intended to organize and standardize supply chain metadata for the publishing industry, but libraries soon found many benefits to its use, and now several methods of incorporating ONIX data into library catalogs exist. This paper focuses on ONIX for Books, which includes the standards for both printed and electronic books....   [tags: onix standards, XML, books, OCLC]

Term Papers
2790 words (8 pages)

Essay about The Ideal Leader

- How would the world be different if we had a president who habitually did the right thing and was admired by everyone. In a world where the political scene is constantly changing and is often dominated by tyrants, we can go back in time and gather wisdom from Plato as to what an ideal leader looks like. For instance, most leaders we see today are proud, self-seeking and trapped in a cave that tells them that success comes from oppression and looking out for their own good; however, Plato shows us in Paragraph 65 that “if they go about, hungering for their own private advantage… the civil and domestic broils which thus arise will be the ruin of the rulers and state.” As we have seen time and...   [tags: Leadership]

Term Papers
1329 words (3.8 pages)

Standard Cell Characterization Essay examples

- Introduction: - In the present scenario, it is very hard to design a circuit using full custom methodology because of the increase in the complexity due to decrease in the feature size. So, most of companies are following the semi-custom approach to reduce the cost & time to market which are the most important parameters for any successful products. To follow the approach of semi-custom, designer need a characterized library of standard cells e.g. logic gates, data buses, sequential building blocks like F/F's etc....   [tags: Standard Cells]

Free Essays
1303 words (3.7 pages)

Ideal Society Essay example

- Democratic societies are were the people are involved in the decision making of the government and have representation. In Thomas Paine’s Thoughts on the Present State of American Affairs, Paine desired for the colonies to go to war against Britain to gain independence, while having the feeling that Britain was exploiting the colonies. Paine explains the disadvantages of the colonies being connected with Britain. In Ralph Waldo Emerson’s Divinity School Address he brings forth a moral argument....   [tags: Paine, Emerson, Thoreau]

Term Papers
1643 words (4.7 pages)

The Ideal Life Essay

- The Ideal Life I awake to the sounds of bacon sizzling and eggs frying. It is another wonderful, lazy Saturday morning breakfast. This weekend is like so many others, and yet it is unique in and of itself. The shadows on the floor coalesce to form the german shepherd, Hg, we once rescued. Then, like Mercury himself, the shadows disperse leaving nothing but emptiness where he once was. "Breakfast!" comes the call from the kitchen. "Coming," I respond, fully intending not to. I remain where I am, reminiscing about the past, about elementary particles, about how I've reached the point where I now am, and about who I was 10 years ago....   [tags: Personal Narrative Family Essays]

Term Papers
1401 words (4 pages)

Ideal Woman Essay

- Does anybody know what the ideal woman is supposed to look like. Is this woman thin and tall or fat and short. Why are woman judged on how they look and how they dress, but males are not. Why are images of woman everywhere. Why do woman feel that they have to be gorgeous so society can love her. Believe it or not, society plays a big role in people lives. The biggest role it probably plays is how a female should look. For instance, if you look at the television, if you look at movies, and if you look in different magazines covers, most of the woman appears to look thin....   [tags: essays research papers fc]

Free Essays
928 words (2.7 pages)