Analytical Review of Advanced Accounting †MyAssignmenthelp.com

Question: Discuss about the Analytical Review of Advanced Accounting. Answer: Based on analytical review it can be hereby recognized that QBE intends to enlist the reputation of the chairperson as an intangible assets on the whole in their financial assertions. In essential, as per the directives and regulations stipulated under IFRS 3 as well as IE16-IE4, individual people cannot be registered as intangible assets of a business concern, even though their nonexistence or disappearance could lead to decline in the prices of the shares of the business entity (Williams 2014). In accordance with the pertinent rules it can be hereby acknowledged that the activities and effort of the specific individual can be treated as intangible assets in the financial assertions of the firm. However, the individual himself cannot be registered in annual books of accounts of the corporation. In essence, the Initial Accounting for particularly Internally Generated Intangible Assets, in a straight way declares that the programs, activities, along with other dimensions utilized by t he chairperson of the firm can be hereby treated as intangible assets and registered under the heads of intangible assets of the business concern. Furthermore, as per regulations stipulated under paragraph 33A, it can be hereby mentioned that creative and other related inventive works for say, television shows, along with other literary works can be regarded as intangible assets of a firm. Nonetheless, the real artiste that shaped the work cannot be measured, as intangible assets/resources of the business concern (Williams 2014). For that reason, it can be hereby inferred that there is ample substantiation regarding the fact that the chairperson of the firm QBE cannot be registered as intangible resources in financial assertions of the firm. As rightly put forward by Bebbington et al. (2014), individual people cannot be measured on pecuniary terms, and this is the reason why financial announcement does not take into consideration reputation or else any other honorary activity of any specific individual. Additionally, the business concern could make use of factors related to customer, factors associated to marketing, contracts as well as technological criteria for registering their intangible resources. Thus, QBE failed to incorporate reputation of their chairperson as the intangible resources in the annual report of the business concern. References Bebbington, J., Unerman, J. and O'Dwyer, B. eds., 2014.Sustainability accounting and accountability. Routledge. Williams, J., 2014.Financial accounting. McGraw-Hill Higher Education.