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Introduction: The report describes the
analysis done on the practical characteristic of the accounting terminology and
delivers proficient advice to the client. The report also considers and
showcases the different aspects of accounting features that are to be taken
into consideration while undertaking the company’s financial policy in
accordance to the Australian Court of Law. The report covers the different
aspects of presentation of intangible assets of the organization named Beachlife
Ltd. The report also covers the potential changes that are required to be
incorporated by the organization Beachlife Ltd in its accounting policies. The
various changes that the company must incorporate to improvise on the
presentation of its intangible assets is also mentioned. The report also
discloses the admission of intangible assets by Beachlife Ltd in Australian
market following to the prologue in 2005 of AASB 136- Impairment of Assets and
AASB 138-Intangible Assets. The report also covers the presentations that are laid
by the Accounting Standard laws in regards to the organizations revenue and other
related cost issues.  

Presentation of such intangible assets
and potential changes in accounting policy: In order to increase the percentage
of business commerce and trade the primary assets owned by Beachlife Ltd must
be evaluated and increase the amount of intangible assets in the organization
working culture. The intangible assets tend to have long durability
irrespective of their physically being there. The intangible assets
characterize the basis of infrastructure of the organization on which the
trading aspect of the firm receives their potential cash reserves and gains.
The evaluation of such intangible assets is a highly complex process but at the
same time they embody an important depository of assessment for Australian
undertaking organizations. As per the annual reports issued by the Australian
Stock Exchange in 2006, Aspect Financial Analysis terminology has been
accustomed by a team of selected people to insure the maximization of the
intangible assets profits. The assortment is more explained and advanced I the
sections of S/ASX Top 100 listed firms in 2006 under the head of
intangible assets customization. Few potential changes are recommended in the asset
accumulation and presentation of intangible assets of the Beachlife Ltd in
order to take the organization to new heights. In Australia, the change to IFRS
has main considerable resultants for the economic, fiscal and monetary coverage
related to intangible assets in both of the cases restricted or unrestricted
scenarios. Before the inclusion of IFRS the prominent accounting method
applicable was simply based on the query of intangible assets and documentation
and testimony of intangibles. But with the introduction of AASB1013 –
Accounting of Goodwill, in amalgamation with AASB 1015- Accounting for
Acquisition of Assets organization like Beachlife Ltd are summoned to provide
legal documentations for the purchase and dealings of intangible assets. As per
the notifications given by the ASSB 116 Property, Plant and Equipment the
intangible assets evaluation is recommended and to be formulated and documented
properly. Beachlife Ltd must follow the guidelines stated by the Australian
Accounting Standards mentioning AASB 2 Share based payment policy. Beachlife
Ltd must incorporate the policies mentioned by the Australian Accounting for
Acquisition of intangible assets to present its intangible assets accumulation
and dispersion techniques. As per the specifications mentioned by The AASB
Australian Financial Reporting Framework a slender range of amending standards
and a new most important edition of AASB 1048 has been issued and all the
organizations have to compile to the rules and regulations set by the AASB
1048. Any organization working within Australian boundaries are compelled to
follow the amendments and regulations laid by the AASB Practice Statement 2.
Beachlife Ltd must adopt certain documentation process that incorporate all the
rules and regulative mentioned by the AASB directives. The presentation
structure and the strategically changes that are incorporated must be documented
separately and filed properly for any future reference. Beachlife Ltd must
adhere to all the changes mentioned by Australian Accounting Standards before
making its final presentations related to accounting policies of the
organization.

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Presentation of the
revenue and related costs: AASB 101 Presentation of Financial Statements states
IAS 1 Presentation of Financial Statements stated by the International
Accounting Standards Board (IASB). The Standard demonstrates the credentials of
presentation of common principle monetary documentations to make sure the
comparison between the current financial statements and the earlier financial
statements stating the revenue and other related costs. Australian Accounting
Standards lays a particular set of rules and regulations that lays down the
foundation for the detection of extent and revelation necessities for précised
dealings, communications and other proceedings. Beachlife Ltd must incorporate
the rules and regulations as addressed by the Australian Accounting Standards
for the presentation of the organizations financial declaration, guiding
principles and strategies to structure the revenue policies and costs. A
comprehensive set of monetary and revenue cost include a declaration of
financial arrangement at the conclusion of the financial year. Along with that
a declaration compromising a profit and loss and other related income must be
enclosed for the same financial period. A declaration of any alteration in the
holdings of the equities by Beachlife Ltd has to be mentioned. The declaration
related to Beachlife Ltd yearly cash flow in the same financial year has to be
clearly documented. Any notes that Beachlife Ltd has recently taken or changed
affecting the organizations policy and terminologies have to be incorporated in
the organization accounting and explanatory notification statement. The
declaration of fiscal, monetary and economic position Beachlife Ltd at the
commencement of the previous year when the organization induces an accounting
policy or makes any statements regarding the financial stature of the
organization has to be clearly mentioned in respect with the paragraphs 40A-40D
of the Australian Accounting Standards.  The
fiscal, monetary and economic declaration of Beachlife Ltd must reasonably
showcase the fiscal arrangement, monetary performance and currency flow of the
organization.

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