Accounting Treatments for Iden

Although intangible assets are often referred to in the literature and in the financial reports of many entities, there seems to be not a unanimous definition for such assets. According to Henderson & Peirson, intangible assets can be defined as rights rather than objects (2002, p.370). However, International Accounting Standard (IAS) defines an intangible asset as

According to AASB 1021, the depreciation or amortisation method should be able to reflect the pattern where the entity consumes the future economic benefits of its assets (Knapp & Kemp, 2003, p.509). It may be because of the difficulty of estimating the pattern of consumption of economic benefits from aforenamed assets, which includes patents, trademarks, licences, brand names, customer bases, research and development costs and software, that they were amortised using the straight-line method in Telstra’s practice. Furthermore, the useful life of an asset should be estimated considering the factors of expected physical wear, obsolescence and legal or other limits on the use of the asset (Knapp & Kemp, 2003, p.509). Though the useful lives of some intangibles were not given individually, it can be believed that they were estimated on consideration of the legal limits of intangible assets. Besides, as required by AASB 1010, the intangible assets of Telstra are reviewed annually and reduced their values where applicable.

– marketing rights (IASB, 2002, online).

Some topics in this essay:
Land Lease, Knapp Kemp, Amalgamated Holdings, AHD Australian, Committee IASC, Definition¯ Intangibles, Intangible Assets, Hoggett Radford, Ltd AHD, intangible assets, Parker Soukseun, identifiable intangible, identifiable intangible assets, useful lives, knapp kemp, ias 38, accounting treatments, kemp 2003, knapp kemp 2003, accounting identifiable, intangible asset, accounting theory, accounting identifiable intangible, research development costs, iasb 2002 online,