ACC1100 Lecture Notes - Lecture 9: Book Value, Intangible Asset
2 Nov 2018
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Management believes will provide economic bene ts for a period greater than 12 months. Will be used, directly or indirectly, in the revenue-earning process. Are not intended for resale to customers or clients. Meet the attributes of assets and recognition criteria. Tangible n-c assets - property, plant and equipment (aasb 116) Tangible resources, of a relatively permanent nature, used in the business, not intended for sale. Assets subject to depreciation should be reported at cost less accumulated depreciation: e. g. land, buildings, machinery and equipment, delivery equipment, furniture and ttings. Purchase price ((+) import duties (-) trade. Cost model: depreciate asset (to provide updated ca) l a i r e t a m f i y l n. O discounts: test for impairment (ca <> ra) (+) costs directly attributable to bringing, if ca > ra, record impairment journal the asset to location/condition necessary for operation. Carrying = cost-depreciation-acc impairmnt (+) cost of any subsequent outlays to.
