details in the file.

Executive Summary
Accounting standards are developed to ensure the high quality financial reporting and making financial statement comparable among various organizations as decisions of many persons are based on information in the financial statements. AASB 136 deals with the impairment loss of assets which arise when the book value of any asset exceeds the amount that can be recovered for the same. It proposes use of CGU instead of single asset. AASB 138 proposes different treatments of intangible assets that are generated internally and intangible assets that are purchased and also there is difference in development outlay cost of same. AASB 138 provides opinion of cost or revaluation model for measurement of plant, property and equipments. But the option of revaluation model should be exercised if data can be gathered to make estimates.
Table of Contents
    Serial No.
    Topic
    Page No.
    1.
    Introduction
    1
    2.
    Requirements of AASB 136
    1
    3.
    Reasons for using cash generating units rather than a single asset for impairment test and selection of CGU and factors considered in selection of CGU for Saferide Company
    1
    4.
    Requirements for capitalization of development outlays as per AASB 138
    1-2
    5.
    Recommendations on proposal of West limited and its impact on financial statements
    2
    6.
    Accounting for revaluation of property, plant and equipment under AASB 116
    2
    7.
    Recommendation on director's proposal for revaluation model
    2
    8.
    Conclusion
    3
    9.
    References
    4
Introduction
The various standards of AASB are developed to provide the high quality financial reporting as well as for the development of standards which can make financial statements comparable globally. This information contained in the financial statements form the basis of decision of resources allocation by persons like investors, creditors, employees, suppliers and analysts, regulators. Presence of these standards helps in the comparison of financial statements of different organizations. Reliability and accountability in the financial statement is attained by the regulators through these AASB standards
Requirements of AASB 136
Impairment loss arises when the book value of assets exceeds the amount that can be recovered from any asset or cash generating unit. Under AASB 136 an impairment test is conducted to check that assets in books do not have value more than their recoverable amount. This test is generally conducted at the end of financial year or when there is any evidence from internal...