Intermediate Financial Accounting - Essay Example

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Intermediate Financial Accounting

International Accounting Standard 38 mentions the utility and usage of intangibles in the financial aspect of companies. The intangible assets are the intellectual property rights, goodwill and the expenditures of the company on research and developments. They are also known as capital developments. In the second part of the report, the examples of two famous listed Australian companies have been taken. Both of these companies are from pharmaceutical industry. Acrux Limited specializes into development of fast-drying sprays and other medicinal products, while Agenix Limited is mainly based in China and has competency in development of biopharmaceuticals. The company is into several agreements with renowned institutions for development, innovation and discovery of useful medicines for the betterment of mankind. The management in Acrux Limited considers their intangible assets at the cost price when they were acquired. In case of Agenix Limited the capital development of their research and development on some new drug has been included. Agenix Limited has a larger base of intangible assets than Acrux limited, in terms of financial value. Both the financial statement of both the companies shows that the intangible assets of the companies are well-maintained. ...Show more

Summary

Intermediate Financial Accounting Table of Contents Executive Summary 3 INTRODUCTION 4 Background 4 Problem Areas 4 Outline of the Study 5 INTANGIBLE ASSETS 6 Acrux Limited 6 Agenix Limited 7 CONCLUSION AND RECOMMENDATION 7 References 9 Appendices 10 Appendix 1 Acrux Limited 10 Appendix 2 Agenix Limited 11 Executive Summary This section of the study would provide a small overview of the whole study in a precise manner…
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