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The current direction that we are taking will be what I like to call 'tell it as it is' accounting.
This may mean an increasing reliance on fair values, when those values can be
determined accurately … the implication of this transformation in accounting is great.
(Tweedie, 2003, p. 721)
Measurement and outcome uncertainty of intangibles are, and will remain, formidable
obstacles for any efforts to quantify them reliably. Even when intangibles have undeniable
value, their existence can be ephemeral. Just think about the fate of some mobile phone
companies in the recent past. Their seemingly unassailable technologies were destroyed
almost overnight … For these reasons, the narrative of corporate reports—rather than the
financial statements—will most likely remain the best place to deal with intangibles.
(Hoogervorst, 2017)
Accordingly, the IASB has decided to follow a “keep calm and carry on” approach in regards to
Intangible Assets.
You have recently been appointed as a graduate accountant in a company listed on the
Australian Securities Exchange Top 200 (ASX200) Telstra, and are currently reporting to the
Chief Financial Officer (CFO). The CFO of Telstra has been asked to participate in a focus group
1 Tweedie, D. (2003). Facing up to reality: Accounting that tells it as it is. British Actuarial Journal, 9(4), 719-723.
2 Hoogervorst, H. (2017).
IASB Chair’s speech: The times, they are a-changin’. 18 September 2017.
https://www.ifrs.org/news-and-events/2017/09/iasb-chairmans-speech-the-times-the-are-achangin/
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organized by the AASB on whether standard-setters should reconsider the recognition and
measurement of intangible assets. You are to research and comment on these issues and
present your findings as follows:
Prepare a business report to update the CFO on the reporting of Intangible Assets
which will serve as a foundation for the company’s upcoming engagement with the
AASB.
Your business report needs to be concise and informative. In preparing your report, you should
investigate a range of issues:
Further information
*This assessment task must be completed individually.
*In preparing your business report, you must refer to theories covered in this unit, academic journal
articles and, where relevant, high quality newspaper and professional articles.
*A word count must be included. Students exceeding the word limit by more than 10% will incur a
mark penalty.
*You must keep a copy of your submission until your marked assignment is returned.
Assessment Criteria:
A matrix outlining the assessment criteria and how your work will be assessed against these
criteria will be provided on Moodle. This will assist you in completing the assessment task
and to see the allocation of marks.
For more information on appropriate report writing, formatting and referencing, you should refer to
the Q Manual at the following site:
https://www.monash.edu/business/5931328906e0c/pdf_file/current-
students/qmanual.pdf
Students must submit a properly referenced assignment. Students who submit an assignment
without in-text referencing (and reference list) will have their assignment returned to them and
receive zero marks. These students may choose to re-submit their assignment with appropriate
referencing, however students will only be eligible to receive half of the total available marks (i.e.
a maximum of 15 out of a total possible 30 marks).
Additional information:
● A signed cover sheet must accompany your assignment.
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● Your assignment is to be submitted on Moodle in PDF format. It must be lodged by 11pm on
Thursday 22 May. Please see the unit guide for information on the penalties for late
submission.
● You must keep an electronic copy for your records until the final results have been
published.
● Assignments will be returned to you, together with both general and specific feedback,
during SWOT VAC. You should retain this until final results have been released.