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IFRS 3 and IAS 38 Standards: Charles Stanley Group, Marks and Spencer, TESCO and Dominos Pizza Inc - Coursework Example

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IFRS 3 and IAS 38 Standards: Charles Stanley Group, Marks and Spencer, TESCO and Dominos Pizza Inc

IFRS 3 (Business Combination) is considered effective for annual reports issued on or after 1 July 2009. This revised method is currently applicable to business combinations with some considerable changes. For instance, all payments made to acquire a business must be recorded at fair value at the date of acquisition. And the contingent payments need to be classified as ‘debt’ which is measured sequentially through the income statement. All costs pertaining to acquisitions are expensed.
IAS 38
This standard prescribes accounting policies for treating intangible assets that are not supervised in particular by any other standard. A firm can only recognize an intangible asset if it meets some specific standard requirements. This standard also guides in measuring the amount at which to report the intangible asset and specific disclosure requirements related to that intangible asset.
IAS 38 (amendments)
IAS 38 (Intangible assets) amendments are a part of annual improvement process of IASB that was published in April 2009. This amendment provides guidance for measuring the fair value of any intangible that is acquired through a business combination. It allows making a single group of all relevant intangibles that have similar economic lives.
Charles Stanley Group PLC, (along with their subsidiaries) is in the investment business. They are headquartered and operate in the UK. Last year Matterley Asset Management (Fund Management Company) joined CSG. This company (CSG) is registered as a public company on London Stock Exchange.
Charles Stanley Group PLC follows International Financial Reporting Standards (IFRS). ...Show more
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Summary

The writer of the essay presents an analysis of the accounting standards in Charles Stanley Group, Marks and Spencer, TESCO and Domino’s Pizza Inc. and gives recommendations. The essay begins with the explanation on the IFRS 3 and IAS 38…
IFRS 3 and IAS 38 Standards: Charles Stanley Group, Marks and Spencer, TESCO and Dominos Pizza Inc
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