# 会计代写|财务会计代写Financial Accounting代考|TACC203

## 会计代写|财务会计代写Financial Accounting代考|Recognition

The second stage in the hierarchy of decisions is to ask whether an asset or liability should be recognised in the balance sheet. For example, the value of some assets may be so difficult to measure that they should be omitted from balance sheets. The Framework as issued in 2018 contains a new Chapter 5 on ‘recognition and derecognition’, which says very little of any precision, in paragraphs $5.6$ to $5.25$. The general principles however are as follows. Firstly, for recognition to be considered at all, the definitions of the elements, as revised and discussed above, must be met. Secondly, any recognition must provide users of financial statements with information that is useful, i.e. it is relevant, and it gives a faithful representation.

The framework suggests (paragraph 5.16) that this second condition might not be met if the likelihood of inflows or outflows is low. This is less of a hurdle than the previous framework’s condition of ‘probable’ flows.

Specific standards give applications of the old thinking, and some examples are considered in later chapters.

Let us apply these ideas to various intangible items that could be found in some balance sheets. For example, the balance sheet of Costa Crociere SpA, an Italian company, for a year before IFRS adoption in 2005, is shown as Figure 8.2.
It contains several items treated as intangible assets, including:
(a) pre-operating expenses (i.e. the set-up costs of a business);
(b) research expenditure;
(c) development expenditure;
(d) publicity.
According to IAS 38 (Intangible Assets) the correct treatment for these items should be as follows:
(a) Pre-operating expenses are not an asset, because there is no resource with a future benefit (paragraph 69).
(b) Research expenditure can give rise to an asset but (if it is spent inside the entity) it is too difficult to demonstrate that the benefits are probable for the expenditure to be recognised in a balance sheet (paragraph 54 ).
(c) Development expenditure can give rise to an asset, which should be recognised if, and only if, certain criteria are met – such as there being a separately identifiable project that is technically feasible and commerclally vlable (paragraph 57 ).
(d) Publicity cannot be capitalised for the same reason that research cannot be (paragraph 69).

Consequently, Costa Crociere’s treatment of pre-nperating, publicity and research expenses would not be acceptable under IAS 38 , but its treatment of development expenditure might be, depending on the detailed circumstances.

## 会计代写|财务会计代写Financial Accounting代考|Initial measurement

Once it has been decided that an asset or liability should be recognised in the balance sheet, it is then necessary to measure its value before it can be shown. Under most systems of accounting that have been used in practice, initial recognition of nearly all assets takes place at cost rather than at ‘fair value’. If this were not the case, much effort would have to be put into estimating and auditing the fair value of any purchased asset. Also, the very act of purchasing an asset would often lead to the recognition of a loss because ‘cost’ includes not only the invoice price of the asset but also all costs involved in getting the asset into a location and condition where it can be productive. So, this will include delivery charges, sales taxes and installation charges in the case of plant and machinery. For land and buildings, cost will include legal fees.
If a company arranges to have its own building constructed, the ‘cost’ will also include architect’s fees, clearing the land and so on, as well as the builder’s bill and the cost of the land. If a company uses its own labour or materials to construct an asset, these should also increase the cost of the asset rather than being treated as current expenses; that is, the costs are capitalised. IFRS and US GAAP also require a company to capitalise the interest cost on money borrowed specifically to create non-current assets. Where labour or material is capitalised, certain formats of the income statement (described as ‘by nature’ in Chapter 6) show this item as a type of income. This is because all the labour and materials used have been charged elsewhere in the income statement. However, the items capitalised do not relate to current operations, so they are added back as though they were income (see Section 8.4), although they could more logically be seen as reductions in expenses. In the example of Figure $8.5$ (CEPSA of Spain), the 4,079 million of capitalised expenses are a partial credit for the expenses shown on the debit side.

As a digression from the discussion of the measurement of assets, it is worth checking that you can understand the format of the income statement (prepared prior to the implementation of IFRS) shown in Figure 8.5. This is by nature (see Chapter 6 , Table 6.3), and it is also in hopizontal double entry form. Why, for example, did CEPSA show ‘operating income’ as a debit and ‘financial loss’ and ‘extraordinary loss’ as credits?

CEPSA was using a double-entry format and showing subtutals as it went down the page. The operating income (of 67,674 ) is the excess of the operating credits $(1,172,175)$ over the operating debits $(1,104,501)$. Strictly speaking, this is not very good double entry, because the debit balance of 67,674 for operating income is introduced as though it were an extra debit entry but not matched by a new credit entry of that size. Similarly, the financial loss of 12,684 is the excess of the four debit items of that sort over the three credit items; and the extraordinary loss of 7,925 is the excess of the four debit items of that sort over the four credit items.

# 财务会计代考

## 会计代写|财务会计代写Financial Accounting代考|Recognition

(b) 研究支出；
(c) 发展支出；
(d) 宣传。

(a) 营业前费用不是资产，因为不存在具有未来收益的资源（第 69 段）。
(b) 研究支出可以产生资产，但（如果它在实体内部花费）很难证明收益很可能在资产负债表中确认支出（第 54 段）。
(c) 开发支出可以产生资产，当且仅当满足某些标准时才应确认资产——例如存在技术上可行且商业上可行的可单独识别的项目（第 57 段）。
(d) 宣传不能资本化，原因与研究不能资本化一样（第 69 段）。

## 会计代写|财务会计代写Financial Accounting代考|Initial measurement

CEPSA 使用双条目格式，并在页面下方显示小标题。营业收入（67,674）是营业收入的超出部分(1,172,175)在经营借方(1,104,501). 严格来说，这不是很好的复式分录，因为营业收入的借方余额 67,674 被引入，就好像它是一个额外的借方分录，但与该规模的新贷方分录不匹配。同样，财务损失 12,684 是该类别的四个借方项目超过三个贷方项目的部分；超额损失 7,925 是该类的四个借方项目超过四个贷方项目的部分。

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