Accounting Standards and Regulations Assignment

Accounting Standards and Regulations

You are a recent accounting graduate and have been employed by the Perpetual Trustees (PT) as a Research Analyst. The Asset Management Team is concerned that there may be insufficient investments in so-called ‘new technology’ companies and an initial analysis showed that very few of the companies that PT has equity investments in recognise ‘technology’ assets.


They do have a significant investment in CSL Ltd, a renowned biopharmaceutical company and they have asked you to prepare a report considering how technology assets are recognised by CSL. In particular:

a) With reference to CSL Ltd, identify and summarise the current accounting policies relating to research and development and the development of technology generally, and the scope that this gives for the recognition of ‘technology’ assets (i.e., AASB 138).

b) With reference to CSL Ltd are there inconsistencies in:

a. The treatment of different types of expenditures and the recognition of ‘technology’ assets;

b. The treatment of expenditure incurred in developing ‘technology’ assets compared with other long term assets such as property plant and equipment (i.e., AASB 116);

c) What are the consequences for the financial reports of CSL Ltd (i.e., balance sheet and income statement impact) of these inconsistencies?

d) What does the empirical evidence suggest in its evaluation as to the relevance of expenditures on ‘technology’ assets for financial statement users? Specifically, is there any association between expenditures on technology assets, such as R&D and firm value, stock returns and firm performance?

Maximum Word Limit – maximum 1300 words. All material (excluding executive summary, references and appendices) over 1300 words will be disregarded.

Report structure – Your assignment must be set out as a report that adheres to the following structure:

· Title page that includes (a) title of assignment (b) subject name and number, (c) student name and number (d) word count clearly and honestly stated (title page not included in word limit)

· Executive summary (not included in word limit)

· Table of contents NOT required

· Introduction paragraph NOT required

· Body of report – Each of the four sections (a) (b) (c) (d) clearly shown with appropriate headings. Sub headings used as required.

· Conclusion paragraph NOT required

· Reference list (not included in word limit)

· Appendices if required (not included in word limit)

· Your name and student number must be included in the header of your word document

Refer to the UTS Business School Guide to Writing Assignments (link below) on recommendations and suggestions on how to structure your report.

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