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Answered Same Day May 20, 2021

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Charanjeet answered on May 21 2021

149 Votes

Executive Summary
In Australia AASB main work is to make standard related to accounting reporting for public and private entities. It also amends these standards from time to time in the light of present situation. The AASB 136 developed by AASB deals with the impairment of the assets and provides for impairment test to check that recorded value of any asset is not more than market value it fetch. If it is more than impairment loss arises. The test is done on cash generating units instead of single assets. The AASB 138 deals with development outlays of intangible assets and conditions set for testing which expenses can be capitalized as development cost. The AASB 116 explain provision regarding to measuring and reporting value of asset and prescribe use of either cost or revaluation model for accounting of plant, property and equipments. These standards are made for
inging more transparency, reliability and comparability.
Table of Contents
    Serial No.
    Topic
    Page No.
    1.
    Introduction
    1
    2.
    Report to the Accountant of Saferide Bus Company
    1
    3.
    Conditions for the Capitalization of Development Outlays as per AASB 138 Provisions
    1
    4.
    Report to Board Regarding Accounting of the Proposal
    2
    5.
    AASB 116 Provisions Regarding to Revaluation of Plant, Property and Equipments
    2
    6.
    Report to Board Regarding Decision of Seagull Proposal
    2
    7.
    Conclusion
    2
    8.
    References
    3
    Introduction
There is a particular board or agency for the development of accounting standard for business entities in all countries. In Australia, AASB (Australian Accounting Standard Board) is such board whose main work is to make standards regarding the financial reporting for all the private and public companies. Only development is not enough, timely review of these is also done on regular basis in the light of present scenario. This is reason that AASB amend various standards from time to time for
inging more clarity or due to demand of the conditions prevailing.
Report to the Accountant of Saferide Bus Company
· The AASB 136 required that method of impairment to be used in place of amortization for presenting the more fair values of assets in the financial reporting. This standard is applicable to all those assets on which there is no particular AASB Standard. The assets to be gone through the impairment test at the end of each financial year. Although it can be done if there are evidences that value of asset has changed in market. In impairment test the value in...

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