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THE AUSTRALIAN INTANGIBLE STANDARD (AAS 18/AASB 1013):CRITICS AND VIEWS

ID : 11-01-04, ISSN : 0854-4190 , PUB: Vol 11 , April, 2004

Abstract

Accounting for intangibles has been subjects of controversy in Australia and in many other countries (Grant, 1996). The Australian goodwill standard (AAS 18/AASB1013) requires goodwill to be capitalised and amortised over a maximum period of twenty years. However, there has been no specific accounting standard governing accounting for identifiable intangible assets in Australia. Such regulatory position has recently been criticised by the profession as well as academicians. This paper analyses some of these critics and views that are of interest to accounting for intangibles. It was found that much of the Australian research work on intangibles has focused on how goodwill and identifiable intangible assets are kept in accounts by the Australian companies and the impact of amortisation requirements in AAS 18/AASB 1013. Thus, it can be concluded that more empirical work is needed to examine the reaction of the Australian capital market to disclosures of goodwill and identifiable intangible assets.

 

Keyword: australian goodwill standard, identifiable intangibles, amortisation requirement

Author: Yousef Shahwan