The australian and international regulatory framework of identifiable intangibles

Australian's move towards complying with International Accounnting Standards by January 2005 provides some very tangible issues. The new accounting standards IAS 38 prohibits the recognition of internaly generated brands, mastheads, publishing titles and customers lists. The reasoning for this is based on the requirement of recognition an intangible sset at cost and that determining the cost of these items is not possible. the question we should be asking is will convergence with this IFRS on intangible assets result in improved financial reporting for a company to provide better information to an investor...