Australian and International Accounting Standards deem that many internally generated intangible assets cannot be recognised...
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Accounting
Australian and International Accounting Standards deem that many internally generated intangible assets cannot be recognised as assets in the statement of financial position. Despite that, the Standards do not require disclosure of information to supplement non-recognition. Although some entities make limited disclosures, the information is not comparable across entities.
Discuss what are the many internally generated intangible assets (IGIA) that are not permitted to be recognised as assets.
Discuss whether you agree or disagree with amending AASB138 to include that entities disclose in notes any information relating to IGIA that they have not been able to recognise as an asset? What would be the purpose of this? Should the standard setters allow more IGIA to be recognised as assets given the nature businesses today?
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