Hi, I need help with essay on International accounting Master. Paper must be at least 2000 words. Please, no plagiarized work!
The validity behind this statement cannot be disputed, as irrespective of the intentions of these accounting regulations, the asset recognition criteria have been used by the large corporations and other entities as an aid for their ‘Earnings Management’ in order to present a better view of the financial position of the entity concerned. This paper intends to support the views expressed by Forker, by making reference to the financial indiscipline noticed in the income statements of the major football clubs of Italy. The paper also intends to make an analysis of certain income and capital items disclosed in the Financial Statements of Juventus Foot Ball Club of Italy, in the light of the different international accounting regulations.
This standard prescribes those intangible assets like goodwill should be capitalised and amortized over a period not exceeding 20 years. There are chances for the firms to extend the useful life beyond 20 years and may even be taken as indefinite so that the asset need not be amortised. The standard also prescribes for the impairment of the value of the goodwill or other intangible assets irrespective of the amortization provisions. The basic objective of FRS 10 is to ensure that:
“(a) capitalised goodwill and intangible assets are charged in the profit and loss account in the periods in which they are depleted. and
(b) sufficient information is disclosed in the financial statements to enable users to determine the impact of goodwill and intangible assets on the financial position and performance of the reporting entity.” (Neil D. Stein 1998)
FRS 10 defines the classes of intangible assets that would be covered by the provisions. These intangible assets may include “licenses. Quotas, patents, copyrights etc and also other assets that is capable of being disposed of or settled separately without disposing of a business of the entity.” (Neil D. Stein 1998)
However, FRS 10 has left certain important issues in connection with the intangible assets vague that makes the provisions unserious about the objective it intends to accomplish.
FRS 10 has the following shortcomings which have made the treatment of goodwill and other intangible assets favourable to the firms:
FRS 10 gives the firms the liberty to carry through the value of the goodwill or other intangible assets permanently at the purchased cost. This vitiates the chances of the true and fair valuation of the intangible assets as shown in the financial statements.
Although there are provisions governing the impairment of the value of the intangible assets, the impairment process as detailed in the FRS 10 and FRS 11 are highly subjective and devoid of clarity. This allows the firms to postpone the impairment of the intangible assets as long as they want on the plea that the valuation and impairment procedure is costly and cumbersome.
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