PPT AS 26.pptx powerpoint presentation adv acc

This document provides an overview of valuation methods for intangible assets. It discusses the Interbrand Best Global Brands 2020 report and highlights new entrants to the top 100 brands. It then defines intangible assets and outlines the major types. The document reviews several valuation approaches for intangibles, including the income approach, cost approach, and market approach. It provides details on specific valuation methods like relief from royalty, brand earnings multiple, discounting, multi-period excess earnings, and assembled workforce.

The document summarizes IFRS 3 Business Combinations. It discusses the scope and application of the purchase method for business combinations, including identifying the acquirer, determining the cost of the business combination, and allocating the cost to assets and liabilities. It also covers goodwill, impairment testing, valuation considerations, transition guidance, and tax effects of business combinations.

The document outlines standard operating procedures for managing fixed assets. It establishes policies for accounting, procurement, and identification of fixed assets according to accounting standards. It covers the entire lifecycle of fixed assets from acquisition and capitalization to depreciation, revaluation, impairment, transfer, sale, and discard of assets. Procedures for maintaining a fixed asset register and conducting periodic physical verification of assets are also described.

This document provides an overview of IAS 16, which establishes the accounting requirements for property, plant and equipment. It defines key terms, outlines the requirements for recognition, measurement, depreciation, impairment, derecognition and disclosure of property, plant and equipment. The standard aims to prescribe the accounting treatment for PPE, including how to determine the carrying amount and calculate depreciation charges and impairment losses. It applies to tangible items used in operations or for administrative purposes that are expected to be used for more than one period.

The document discusses various accounting standards in India. It explains key concepts from AS 2 on inventories, AS 6 on depreciation, AS 9 on revenue recognition, and AS 10 on fixed assets. It provides examples to illustrate the treatment of various items under different standards like treatment of work-in-progress, methods of depreciation, and recognition of revenue. The document also answers some practice questions related to valuation of inventories, cost of fixed assets, and accounting for business combinations.

IAS 16 provides guidance on accounting for property, plant, and equipment. It requires that such assets be initially measured at cost and subsequently measured either using the cost model (cost less accumulated depreciation and impairment losses) or revaluation model. The standard specifies how to recognize, measure, depreciate, and disclose information related to an entity's property, plant, and equipment.

The document discusses various Indian accounting standards (AS) related to accounting treatments and disclosure requirements for topics such as borrowing costs, segment reporting, related party transactions, leases, earnings per share, consolidated financial statements, accounting for taxes, accounting for investments in associates, discontinuing operations, interim financial reporting, intangible assets, accounting for interests in joint ventures, impairment of assets, provisions, contingent liabilities and assets, and financial instruments. The standards provide guidance on recognition, measurement, presentation and disclosures for these topics in the preparation of financial statements in accordance with Indian GAAP.

Research Memorandum To: CEO, CFO, and Controller of XYZ Research Company, Inc. From: Nathan Ellery, Research Analyst Date: August 22, 2013 RE: Accounting for Patents Facts: XYZ Research Company, incorporated in 2010, develops new technology for interplanetary exploration. The company holds many patents, and has historically expensed the costs associated with the patents. Issues: 1. How are patents accounted for according to GAAP? 2. What is impairment testing, and does it apply to the patents held by XYZ Research Company? 3. Can a company capitalize their patents? 4. Are there any unique situations or exclusions for the industry (technology, or interplanetary exploration), in regards to accounting methods? 5. What corrective action, if any, is recommended to correct any misstatements made with regard to their patents? Authorities on Accounting for Patents (Intangible Assets): ASC 350-30-45-1 states that at a minimum, all intangible assets shall be aggregated and presented as a separate line item in the statement of financial position. However, that requirement does not preclude presentation of individual intangible assets or classes of intangible assets as separate line items. ASC 350-30-45-2 states that the amortization expense and impairment losses for intangible assets shall be presented in income statement line items within continuing operations as deemed appropriate for each entity. ASC 350-30-35-1 states that the accounting for a recognized intangible asset is based on its useful life to the reporting entity. An intangible asset with a finite useful life shall be amortized; an intangible asset with an indefinite useful life shall not be amortized. ASC 350-30-35-2 states that the useful life of an intangible asset to an entity is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of that entity. ASC 350-30-35-15 states that if an intangible asset is determined to have an indefinite useful life, it shall not be amortized until its useful life is determined to be no longer indefinite. ASC 350-30-35-16 states that an entity shall evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. ASC 350-30-35-17 states that if an intangible asset that is not being amortized is subsequently determined to have a finite useful life, the asset shall be tested for impairment in accordance with paragraphs 350-30-35-18 through 35-19. That intangible asset shall then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization. ASC 350-30-35-18 states that an intangible asset that is not subject to amortization shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely t ...

This document provides notes to the consolidated financial statements of Emerson Electric Co. for the years ended September 30, 2008, 2007 and 2006. It summarizes Emerson's significant accounting policies including principles of consolidation, foreign currency translation, cash equivalents, inventories, property, plant and equipment, goodwill and intangibles, warranty, revenue recognition, and financial instruments. It also provides details on acquisitions, divestitures, weighted average shares, other deductions, and reclassifications of prior year amounts.