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Financial Reporting Disclosures in the Australian Corporate Sector - Assignment Example

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Financial Reporting Disclosures in the Australian Corporate Sector

The Australian Securities and Investment Commission aims at improving and maintaining investor’s confidence and integrity in the Australian Corporate sector through monitoring compliance of corporate entities to requirements of financial reporting. Investors and government bodies who use the financial audit reports of corporate entities can only make correct decisions if the information reported is reliable and relevant to the disclosures requirements of Australian Corporate Sector. Coca Cola Amatil LTD therefore needs to ensure that their standards of financial reporting are professionally reported and that they adhere to the corporations Act. Identifiable Life Intangible Assets Disclosure of Identifiable life intangible assets is a legal requirement in the Australian corporate sector and not a voluntary activity. Identifiable life intangible assets include assets such as brand names, customer relations, and even goodwill. In this case, identifiable life intangible assets of Coca Cola Amatil LTD include the relationships they have with their clients, written off intangible assets and their Coca Cola brands. According to financial disclosures requirements, Coca Cola Amatil LTD has the mandate of disclosing identifiable life intangible assets resulting from research and development, merging of corporate entities, and initial company formation. The identifiable intangible assets disclosures must be on the basis of common standards of definitions and application guidelines according to the Australian Securities and Investment Commission. The Identifiable intangible assets including goodwill must also be on the basis of fair value recognition. According to the Australian Corporate Sector, financial reporting disclosure should adhere to the Financial Accounting Standards Board guidelines with regards to quantitative cost approaches. Quantitative cost approaches in financial reporting disclosures include current year expenditures, with an aim of attaining the current value of cost incurred. Another option is the Pro forma cost, which puts into consideration the application of pro forma retroactive financial reporting disclosure for disclosing identifiable life intangible assets that have value relevance. The pro forma retroactive financial reporting disclosure recognizes amortized intangible assets and written off asset’s value relevance. These cost approaches of financial reporting disclosure should be used to expense research and development expenditure in valuation of intangible assets prior to technical feasibility. After expensing the research and development costs, financial officers should retroactively capitalize the costs to create identifiable life intangible assets (Walton, Haller & Raffournier 286-291). Australian Corpor ...Show more

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Running head: Financial Reporting Disclosures in the Australian Corporate Sector Financial Reporting Disclosures in the Australian Corporate Sector Insert Name Insert Insert O6 October 2011 Table of Contents Introduction ……………………………………………………………………………………3 Identifiable life Intangible Assets…………………………………………………………….3 Asset Impairment Testing ……………………………………………………………………5 Goodwill Allocation to Cash Generating Units …………………………………………….6 Use of Unrealistic Assumptions to Cal…
Author : cydney49
Financial Reporting Disclosures in the Australian Corporate Sector essay example
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