1 2011 Week 4 Assets 2 Intangible assets Blackboard 6pgs

1 2011 Week 4 - Objectives of Week 4 Intangible Assets ACCT 2011 Week 4 Discuss the definition and the nature of intangible assets Apply the

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17/03/2011 1 ACCT 2011 Week 4 Intangible Assets 2 Objectives of Week 4 Discuss the definition and the nature of intangible assets Apply the appropriate accounting treatment for intangible assets Discuss the controversial issues arising from the prescribed accounting treatment for intangible assets 3 Readings Deegan: - Chapter 8 - Chapter 4.6 p 150 Handbook: - AASB 136 Impairment of Assets - AASB 138 Intangible Assets PLEASE NOTE: - Not AASB 140 Investment Property Self-study questions: refer Blackboard 4 Outline A. Intangible assets 2. Measurement at initial recognition B. Measurement after initial recognition C. D. Goodwill E. Disclosure requirements F. Adoption of IFRS: impact on the value relevance of intangible assets 5 5 How should we account for the value of these brand names? Fairfax Media Limited: 2010 Annual Report “ Quality journalism and quality content. We create it, we integrate it, we innovate with it and we monetise it. That is our big competitive advantage” Brian McCarthy CEO Australia’s most diverse media company 330 Newspaper publications 59 Agricultural publications 48 Magazines 284 Websites 15 Radio stations 13 Narrowcast Radio licences 23 Printing centres 6
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17/03/2011 2 Fairfax Media Limited 2010 Annual Report: Consolidated Balance Sheets 7 27 June 2010 28 June 2009 Note $'000 $'000 CURRENT ASSETS Cash and cash equivalents 36(B) 117,872 69,124 Trade and other receivables 7 390,375 358,210 Inventories 8 38,043 40,055 Derivative assets 15 - 173 Assets held for sale 9 5,257 6,062 Held to maturity investments 10 11,591 - Income tax receivable - 35,978 Total current assets 563,138 509,602 NON-CURRENT ASSETS Receivables 7 3,020 2,474 Investments accounted for using the equity method 11 43,585 46,668 Available for sale investments 12 4,239 2,157 Held to maturity investments 10 - 13,216 Intangible assets 13 5,942,781 5,888,547 Property, plant and equipment 14 778,621 863,719 Derivative assets 15 44,352 152,742 Deferred tax assets 16(A) 11,774 7,338 Other financial assets 21 2,575 1,175 Total non-current assets 6,830,947 6,978,036 Total assets 7,394,085 7,487,638 8 A.1. Intangible Assets Definition: see AASB 138 ¶8 - Identifiable - see AASB 138 ¶12 - Unidentifiable - assets are not capable of being both individually identified and separately recognised -- classified as Goodwill which is not an intangible asset - Monetary assets – see AASB 138 ¶ 8 Recognition Criteria – see AASB 9 A.1. Intangible Assets Examples of intangible assets: - Patents, Copyrights, Intellectual property - Mastheads, Publishing titles - Licences (taxi), Franchises, Customer Lists - Brand names, Trademarks - Research and development (R&D) - Computer software, Motion picture films 10 A.2. Intangible Assets – Measurement at initial recognition Measurement at acquisition – see AASB 138 ¶24 however… Intangibles are recognised only upon acquisition
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This note was uploaded on 04/29/2011 for the course ACCT 2011 taught by Professor D during the Three '11 term at University of Sydney.

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1 2011 Week 4 - Objectives of Week 4 Intangible Assets ACCT 2011 Week 4 Discuss the definition and the nature of intangible assets Apply the

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