Generation Reduction Capitalised Software -Myassignmenthelp.Com

Question: Discuss About The Generation Reduction Capitalised Software? Answer: Introduction Australian Accounting Standard AASB 138 Intangible Assets (as amended) is set out in paragraphs 1 130I. AASB 138 Intangible Assets are amended with International Accounting Standards Board (IASB). The scope of this standard allows the entities to recognise the intangible assets only in case the specified criteria under the given standards are met. The application of this standard also shows the carrying amount of the intangible and the specific disclosures about the intangible asset. The standards ensure that the carrying amount of the assets are recognised with the report of the financial standing. The cost is the amount of cash and cash equivalents which is taken into account with the fair value consideration and is identified to be recognised as per the Australian Accounting Standards. This standard is further identified to distinguish intangible assets from goodwill. Goodwill is recognised from the business combination and separate recognition of the same. An intangible asset wi ll be only taken in consideration in case it is likely that the expected upcoming economic assistances are attributable to the asset flow from the entities and the cost of the individual assets can be measured consistently (Aasb.gov.au, 2018). The main standard applicable for property, plant and equipment complies with the AASB 116. This standard complies with the IAS 16 Property, Plant and Equipment is issued and amended by the International Accounting Standards Board (IASB). This standard further considers the depreciable amount and depreciation period to be allocated on a methodical basis to the useful life of the assets. The standards consider the land and buildings as separate assets which was acquired together. Some of the main form of the exceptions to this is applied with the quarries and sites used for the landfills which are seen to be depicted with unlimited useful life and henceforth not considered for depreciation. The buildings are depicted to be having a limited useful life along with the depreciable assets. A rise in the value of the land and buildings will not have any noteworthy effect on the determination of the depreciable amount of building. In addition to this, the cost of land includes the site disma ntlement, restoration, portion of land assets and the depreciation amount which is evident with the benefits derived from it. In case of not-for-profit entities, property, plant and equipment may be gifted. In this situation also, the asset may also be acquired for no or nominal consideration through the exercise of powers of sequestration (Iasplus.com, 2018). Exposition of the research problem to be investigated The report aims to identify and compare the Land and Buildings and Intangible Assets valuation of BHP Billiton, Newcrest Mining, Amcor, Fortescue Metals Group and BlueScope Steel. Investigation including choice of appropriate methodology The appropriate method to evaluate the research data is considered with the application of secondary data. This is done by including the respective data for land building and intangibles of the selected companies from the annual report published in the past five years. The main approach of the research is considered with the determination of the information which is published in the footnotes section each year of the selected companies. Analysis of the research data BHP Billiton- The intangibles such as licenses and software are capitalised with fair value for consideration paid and recorded with cost less accumulated amortisation and impairment charges. In addition to this, the amortisation of the finite life is done based on straight-line basis over their expected useful life. This tenure is seen to be no greater than eight years. There is no consideration made for land (Bhp.com, 2018). Newcrest Mining- The company has considered the costs sustained in developing the IT systems and obtaining the softwares as per the capitalization of the intangible assets. In addition to this, the capitalization of the business costs is included with the cost of employee benefits (Newcrest.com.au, 2018). Amcor The segmental acquisition of PPE and intangibles is seen to be reconciled as per the statutory consolidation of the acquisition of equipment and intangibles. The inclusion of intangibles is further depicted to be considered as per additions for the period, excluding acquired balances through business combinations (Amcor.com, 2018). Fortescue Metals Group - The intangible assets for the company is valuated as per the costs sustained in attaining the software and licenses which is seen to contribute to future period financial aids through revenue generation or cost reduction are capitalised as software. In addition to this, the cost capitalised is able to include the external direct cost of materials and consultants services along with the direct payroll related to the costs of employees and time spent on the project. The intangible assets of the company are seen to be amortised as per the evaluation of the and the application of straight line method for depreciation ranging from 3 to 5 years (Fmgl.com.au, 2018). BlueScope Steel Limited- The evaluation of goodwill and intangibles is seen to be having indefinite useful life which is not included for amortisation and annual testing of impairment in case there is any change. Goodwill on the acquisitions of the subsidiaries is considered to be an intangible asset. The treatment of goodwill on acquisitions is considered for investment in Associates. However, this intangible asset is not amortized. Instead of this goodwill is tested for impairment on an annual basis frequently and carried at cost deducted from collected impairment losses. The significant nature of gains and losses of disposal of an entity includes carrying amount linked with goodwill associated to the entity held for selling (S3-ap-southeast-2.amazonaws.com, 2018). Land and Building BHP Billiton- The Property, plant and equipment is recorded with cost less accumulated depreciation and impairment charges. The cost consideration is based on fair value of the contemplation given to acquire the asset during the construction process. This is also seen to include the direct cost associated to bring these assets to the location and conditions needed to be considered for the operations and estimating the future cost of closure and facility restoration. The carrying amount of the building is depreciated to their estimated residual value over the estimated useful lives having useful life of 25 to 50 years (Bhp.com, 2018). Newcrest Mining- The group is discerned to use unit-of-production method for depreciating specific assets which results in depreciation/amortisation which is charged on proportional basis as per the exhaustion of the predicted remaining life-of-mine production (Newcrest.com.au, 2018). Amcor- The PPE is excluded with the freehold land which is depreciated as per the rates as per the useful live and leasehold improvements. The PPE is evaluated as per straight line method. The company is not considered to depreciate land. The rate of depreciation used upon class of assets for the current and comparative period depicts buildings between 1%-5% and land improvements with 1%-3% (Amcor.com, 2018). Fortescue Metals Group- The company is seen to evaluate the buildings as per straight line method. It needs to be understood that the useful life is not related to the measures of produce of iron ore and the assets are generally depreciated on a straight-line basis over the estimated useful lives of the assets (Fmgl.com.au, 2018). Bluescope Steel- The company has used the adoption of IAS 16 Property, Plant and Equipment - Classification of servicing equipment. Henceforth, these are acquired under financial leases and the same is depreciated over the assets useful life or certainty that the group will attain the possession at the end of lease term. In addition to this, PPE is stated under historical cost less accumulated depreciation and accumulated impairment. The historical cost inclusion is seen with directly attributable acquisition items. This may further include the costs derived from transfers from he could your gains or losses on qualifying the cash flow hedges of foreign currency purchase of PPE. The company is not seen to depreciate land however, depreciation on various types of other assets are calculated with straight-line basis and the same is allocated to their cost estimated useful life. For buildings that are useful, estimated life is considered up to 40 years (S3-ap-southeast-2.amazonaws.com, 2 018) . BHP Billiton- This is similar to previous years recognition however, in this case the intangibles include the preliminary payments for the attainment and capitalisation of intangible lease assets and amortisation. The company has further considered the key assumptions for oil and gas prices as per forward price curves (Bhp.com, 2018). Newcrest Mining- The different types of costs associated to intangible asset seen in developing information technology systems and acquisition of software and the same is capitalized under this category. Moreover, the capitalization cost is inclusive of external costs arising from services and materials along with cost of employee benefits. This amortization amount is evaluated as per straight-line basis over the useful life ranging from 3 to 7 years (Newcrest.com.au, 2018). Amcor- Intangible assets such as goodwill is confident that eyes on acquisition of subsidiaries and is measured with the equity accounted investments along with carrying amount of goodwill which includes the carrying amount of investment (Amcor.com, 2018). Fortescue Metals Group- The intangibles included several costs in developing products and systems along with acquiring cost of software and licenses which contributed to the future period of financial benefits along with revenue generation and cost reduction for capitalization of software. The capitalization cost included direct costs of material and consultant services along with direct payrolls and payroll related expenses of time spent by an employee over the project. The intangible assets are amortized over straight-line basis usually extending from 3 to 5 years (Fmgl.com.au, 2018). Bluescope Steel- Intangible assets such as goodwill is represented with the surplus cost of acquisition over fair value of companies share of the net identifiable assets often acquired in subsidiarity or associate at the date of acquisition. The amortization of goodwill is not done however goodwill is allocated as cash generating unit for purpose of loss testing. Other intangible assets such as patents, trademarks and other rights are carried at cost less accumulated amortisation and impairment losses. Furthermore, the amortization on these are considered to be having finite lights and is planned using straight-line method for allocating the costs over useful lives. The depiction of amortization with straight-line bases generally ranges from 7 to 15 years. The research expenditures are considered to be an expense which is incurred in nature. The capitalization of the expenditures comprises of directly attributable costs including material, services and direct labor costs. The amortiz ation of these assets is also depicted with straight-line basis over period of expected benefit. The IT development software amortization is also seen to be evaluated based on straight-line method which generally ranges from 3 to 10 years (S3-ap-southeast-2.amazonaws.com, 2018). BHP Billiton- It needs to be inferred that the carrying amount of the buildings are considered for depreciation as per the estimation of useful lives of the specific assets related with the estimated life linked to the mine, field or lease. The carrying amount of the building is depreciated to their estimated remaining value over the estimated useful lives having useful life of 25 to 50 years (Bhp.com, 2018). Newcrest Mining - The property items of the company includes buildings however, they exclude freehold lands need to depreciated over their estimated useful lives. The group has further decided to use unit of production based on depreciating unit of production as per depreciating mine specific assets which is arrived from including amortization or depreciation charges on the remaining life of mine production (Newcrest.com.au, 2018). Amcor-The valuation of property plant and equipment is considered with cost less accumulated depreciation. The cost constraint comprises the expenditures which are a part of directly attributable acquisition of items including related areas of acquisition, borrowing costs, construction, production or other qualifying assets. The costs may be also incurred from transfers from liquidity or any form of gain or loss on qualifying cash flow hedges of foreign currency transactions of PPE. In addition to this, the company does not include freehold land under PPE. These are further considered to be depreciated at rates of useful expected lives and the depreciation rate for each of the class of asset for buildings range between 1% to 5% and land improvements between 1% to 3% (Amcor.com, 2018). Fortescue Metals Group- the individual classes of PPE for the company is categorized under historical cost less, where applicable, any accumulated depreciation and impairment loss. Moreover, historical cost is composed of expenditures which are directly attributable to the acquisition of the assets (Fmgl.com.au, 2018). BluescopeSteel- The valuation practice for property plant and equipment is done under historical cost less accumulated depreciation and accumulated impairment. This criterion comprises of expenditures which are attributable directly to the attainment of these items. The cost components may also comprise of transfers from gains, losses or equities succeeding for hedges of foreign-currency purchase of PPE (S3-ap-southeast-2.amazonaws.com, 2018). BHP Billiton-The company has included intangibles to certain specific areas of exploration which is charged as per income statement. The intangible lease amounts are seen to be capitalised with the amortised over the term of permit. The main categories plant, property and equipment is associated to the remaining values and useful lives are revaluated annually and also consider the estimation of the determination of remaining depreciation changes (Bhp.com, 2018). Newcrest Mining- Intangible assets are valued as per the cost incurred for acquiring software and information technology systems. The capitalization cost incurred involves costs associated to materials and services along with cost of employee benefits. The computation of amortization on such costs is done by straight-line basis over the useful life, ranging from 3 to 7 years (Newcrest.com.au, 2018). Amcor - Goodwill amount is represented with the surplus of groups payment in obtaining a business and compared to fair value of assets and liabilities acquired at costs less any accumulated impairment losses and is considered as having an indefinite useful economic life. The goodwill forms a part of cash generating units of which acquisitions form a part. However, goodwill is not seen to be amortized and reviewed with the indications of impairment at least annually. Some of the other intangibles are distinctly recognizable and can be considered for selling separately based on internally established assets. The inclusion of major classes of intangible assets are seen with customer relations which are as a result of acquiring business measured at fair value on the date of acquisition. These assets are further seen to be subsequently carried a cost less accumulated amortisation and impairment losses. The internally developed computer software is measured initially at cost and included w ith expenditure arising out of the developmental activities. The carrying value of these assets are evaluated with cost less accumulated amortisation and impairment losses (Amcor.com, 2018). Fortescue Metals Group The amortization of intangible assets of the company is seen to be done as per straight-line or usually ranging from 3 to 5 years. Moreover, the costs in developing products are associated to systems and acquisition of software and licenses which will donate to future periodic financial assistance done with revenue generation and cost lessening as per capitalization of software. The capitalized cost is inclusive of different types of direct cost of material, consultants fees, payroll related expenses, direct payroll and time spent on the project (Fmgl.com.au, 2018). BlueScope Steel- The different aspects of intangible assets of the company are held under carried cost. In addition to this, the intangible image and unit assets are not amortized or held for impairment due to the fact of economic benefits realized from surrendering the rights and settling to the responsibilities arising from ETS. The Goodwill amount of the company is represented with the excess of cost of acquisition over fair value of groups share and various types of net recognizable assets of acquired subsidiary. The goodwill on the acquisition is inclusive of intangible assets and investments made in Associates. The different aspects of gains and losses at disposal of the entity includes the carrying amount of goodwill linked to selling of the entity. The recognition of patents, trademarks and other rights are done with cost less accumulated amortisation and impairment losses. Furthermore, Amortisation on patents, trademarks and other rights which are discerned with finite lives which is calculated using the straight-line method to allocate the cost over their estimated useful lives (generally ranging from 7 to 15 years). The recognition of research expenditure is done as and when the expenses are incurred. The development of the costs incurred on the project is recognized with intangible assets which considered that the project will be commercially and technically feasible. The amortization of intangibles such as computer software is directly attributable in the development phase and recognized with straight-line basis over the period Generally ranging from 3 to 10 years (S3-ap-southeast-2.amazonaws.com, 2018). BHP Billiton- The PPE consideration is based on the estimates of residual values and useful lives which are reconsidered yearly and any change in estimate is taken into consideration for determination of remaining depreciation charges (Bhp.com, 2018). Newcrest Mining- The company considers the PPE based on cost less accumulated depreciation and any accumulated impairment losses. Moreover, the borrowing costs are directly incurred from major capital works which are capitalized on time of commissioning of the asset. In 2015, Newcrest mining is recognized to hold freehold land for extractive industry operations and the valuation for the same is wholly dependent on such operations. The depreciation of constructions is done on straight-line basis (Newcrest.com.au, 2018). Amcor- The company has stated the valuation for PPE as per cost less accumulated depreciation and impairment losses. In addition to this, the cost is comprised of the expenditure which is directly attributable with the acquisition of item along with subsequent cost included to replace parts which are eligible for capitalization. The calculation of depreciation is done by straight-line basis over the estimated useful life of the asset or in the case of leasehold improvements and leased assets over the period of the lease or useful life of the asset, whichever is shorter (Amcor.com, 2018). Fortescue Metals Group - The group includes the PPE for the assets which are held under financial leases. The group has considered depreciation of assets with the extraction processing and iron ore transportation. The developmental expenditure of capitalized exploration is considered for accounting of land and building under PPE. Evaluation for land and building is considered with historical cost less, where applicable enactment to the deposition and inclusion of impairment loss. (Fmgl.com.au, 2018). BlueScope Steel- The different scope of property plant and equipment is considered with the carrying amount of the non-current tangibles asset which includes non-financial assets, including accounting policies, key judgements and estimates relevant to understanding these items. The recognition and measurement of items such as building is included with historical cost less accumulated depreciation and accumulated impairment. In addition to this, this cost is seen to include the directly attributable acquisition costs and similar types of other costs included from gains, losses are transfer from equity which is considered with succeeding cash flow hedges of foreign-currency purchases on property, plant and equipment. The subsequent carrying costs of such assets is recognized as a separate entity and included under relevant and futuristic economic benefits along with reliable measurement of the same (S3-ap-southeast-2.amazonaws.com, 2018). BHP Billiton- Goodwill amount is not amortised and measured in terms of cost less impairment losses. The capitalisation of the goodwill amount paid for the acquisition of the intangible assets, such as software and licences where it is considered with the contributions as per future periods through revenue generation or decrease in the cost. The important areas of the to assess the intangible assets are considered to use forward looking estimations, which are difficult to regulate level of judgement along with determining the key inputs (Bhp.com, 2018). Newcrest Mining- The company considers the various facets of intangible assets with the cost incurred in the acquisition of software and information technology. In addition to this, the process of amortization of these assets are based on straight-line method ranging from three years to seven years (Newcrest.com.au, 2018). Amcor- The main consideration for the intangible assets is based on goodwill representation which is as a result of acquiring business over fair value of assets and liability. This is carried at cost less accumulated impairment loss and assets having indefinite useful economic life. The allocation processes are done as per cash generating unit. Goodwill is not seen to be amortized and reviewed for impairment once in every 12 months. Some of the other forms of intangible assets are recognized with customer relationships obtained through acquiring businesses are measured at fair value at the date of acquisition. This is subsequently carried at cost less accumulated amortisation and impairment losses. During the year ended 30 June 2016, the Group recorded impairments totalling USD 2.5 million (2015: USD 0.2 million) within general and administration expense in the income statement (Amcor.com, 2018). Fortescue Metals Group- The intangible assets of the company are considered with Transfers of assets which were made for property, plant and equipment, intangible assets, exploration and evaluation and development expenditure (Fmgl.com.au, 2018). BlueScope Steel- The different types of Emission unit which are not held for trading are classified as intangible assets and are carried at cost. Intangible EU assets are not amortised or subject to impairment as the economics benefits are realised from surrendering the rights to settle obligations arising from the ETS. The acknowledgement and measurement of intangible assets includes goodwill which is represented as the surplus of cost to purchase a business less the fair market value of the tangible assets. The various types of identifiable intangible assets and liabilities are obtained through purchase. The company does not amortize the goodwill, instead the goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. It used to be also discerned that the intangible assets are acquired separately for measurement of initial recognition cost. In addi tion to this the cost of intangible assets are considered with acquisition based on business combination at a fair market value. It ends, trademarks and other rights are having useful life of 7 to 15 years while computer software is having finite life of 3 to 10 years and customer relationships is having a finite life of 10 to 20 years (S3-ap-southeast-2.amazonaws.com, 2018). BHP Billiton- The depreciation for building is seen to be considered as per straight line basis with a rate of 25 to 50 years (Bhp.com, 2018). Newcrest Mining- The expenditure on building is taken into account with build-up of acquisition cost and direct exploration and evaluation of the word expenditure. The carrying value of capitalised exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying value may exceed its recoverable amount (Newcrest.com.au, 2018). Amcor- Amcor values property plant and equipment as per cost less accumulated depreciation and impairment losses. This particular cost further comprises of the expenditure vision directly attributable to the acquisition of the items and parts which are eligible for capitalization. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset or, in the case of leasehold improvements and leased assets, over the period of the lease or useful life of the asset, whichever is shorter (Amcor.com, 2018). Fortescue Metals Group- the acknowledgement and measurement process of property plant and equipment is included with cost of labor and materials and any other such costs which are directly attributable to the working condition of the assets under use. Any gain or loss arising from disposal of PPE is considered with income statement and determined by comparing proceeds from sale of assets under the carrying amount. The land is not considered under depreciation and is considered using straight-line method or units of production method, net of residual values, overestimated useful lives. Moreover, depreciation processes commenced when the asset is available for use. It needs to be understood that the useful life is not linked with the amounts of iron produced and estimated useful life for buildings is evaluated with 20 to 40 years (Fmgl.com.au, 2018). BlueScope Steel- The company does not consider the useful life of land for depreciation. Moreover, the useful life of building is depreciated on a straight-line basis of 30 to 40 years (S3-ap-southeast-2.amazonaws.com, 2018). Intangibles BHP Billiton- The goodwill amount of the company is based on the payment of consideration the fair value of the identifiable asset, liabilities and contingent liabilities acquired. This is seen to be considered with differences treated as per goodwill. The goodwill evaluation is observed to be less than fair value acquired net assets and the alteration is immediately recognised with the income statement (Bhp.com, 2018). Newcrest Mining- The company considers intangible assets as the costs incurred in developing information technology systems and acquiring software. These are further considered for amortization as per straight line basis over the useful life, ranging from three to seven years (Newcrest.com.au, 2018). Amcor- Goodwill is recognized as the main intangible asset of the company which comprise of indefinite useful economic life. This is not amortized and carried at cost less any accumulated impairment losses. The various types of other intangibles are carried at cost less any accumulated amortisation and impairment losses (Amcor.com, 2018). Fortescue Metals Group - The company has included the transfers of assets which are made for intangibles (Fmgl.com.au, 2018). BlueScope Steel- The different sources of operating intangible assets are recognized and measured with the emission unit which is not held for trading and carried at cost respectively. Furthermore, the intangible emission units are not observed to be amortized or subject to impairment as per economic benefits realized after surrendering the rights of settlement arising from ETS. Recognition of goodwill is considered with surplus of the cost to purchase less the market value of the tangible assets. This is identified with liabilities upending purchase and not considered for amortization. Instead goodwill is held for impairment once in every 12 months are more frequently in circumstances which might indicate impairment and carried at cost less accumulated impairment loss. In addition to this, the company measures intangible assets separately on initial cost recognition process. These are carried at cost less amortisation and any impairment losses. The intangibles having finite live are identified to be amortized on straight-line basis over their useful life. However, the period of amortization and technique is reviewed every financial year (S3-ap-southeast-2.amazonaws.com, 2018). BHP Billiton- The consideration of depreciation of asset is required with the significant measures of useful lives may affect prospective depreciation rates and asset carrying values (Bhp.com, 2018). Newcrest Mining- the cost associated to property plant and equipment is carried at cost less accumulated depreciation and any accumulated impairment losses. The different types of financial costs for freehold land is held for extractive industry operations and its value is wholly dependent upon those operations (Newcrest.com.au, 2018). Amcor- The company considers the financial leases under the treatment of cost less accumulated depreciation and impairment losses. Cost comprises of spending which are directly linked to the attainment of the item and succeeding costs incurred to replace parts that are eligible for capitalisation (Amcor.com, 2018). Fortescue Metals Group- Fortescue considers the valuation of building as straight-line method (Fmgl.com.au, 2018) BlueScopeSteel-The company does not considers the depreciating the land. Buildings are depreciated as per useful lives between 30 to 40 years (S3-ap-southeast-2.amazonaws.com, 2018). Conclusion The overall discourse of the study has shown that BHP Billiton primarily considers intangibles such as licenses and software, which are capitalised with fair value for consideration paid and recorded with cost less accumulated amortisation and impairment charges. In addition to this, the amortisation of the finite life is done based on straight-line basis over their expected useful life. This tenure is observed to be no greater than eight years. There is no consideration made for land. In addition to this, the carrying amount of the building is depreciated to their estimated residual value over the estimated useful lives. Newcrest Mining has considered the costs in developing the IT systems and acquiring the softwares as per the capitalization of the intangible assets. The property items of the company include buildings however, they exclude freehold lands need to depreciated over their estimated useful lives. The group has further decided to use unit of manufacture founded on deprec iating unit of production as per depreciating mine specific assets. For Amcor the inclusion of intangibles is depicted to be considered as per additions for the period, excluding acquired balances through business combinations. The company is not considered to depreciate land. The rate of depreciation used upon class of assets for the current and comparative period depicts buildings between 1%-5% and land improvements with 1%-3%. Fortescue Metals Group has valuated buildings as per straight line method. It needs to be understood that the useful life is not related to the measures of produce of iron ore and the assets are generally depreciated on a straight-line basis over the estimated useful lives of the assets. The intangible assets for the company is valuated as per the costs incurred in acquiring the software and licenses which is seen to contribute to future period financial assistances through revenue generation or cost reduction are capitalised as software. BluScopeSteel valu ation of goodwill and intangibles is seen to be having indefinite useful life which is not subject to amortisation and annual testing of impairment in case there is any change. The company is not observed to depreciate land however, depreciation on various types of other assets are calculated with straight-line basis and the same is allocated to their cost estimated useful life. For buildings that are useful, estimated life is considered up to 40 years. References Aasb.gov.au. (2018). [online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB138_08-15_COMPoct15_01-18.pdf [Accessed 4 Feb. 2018]. Amcor.com. (2018). 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