Ann: Appendix 4E & 30 June 2018 Financial Report, page-51

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Wisefool22

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04/09/18

08:11

Post #: 35391227
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Originally posted by happytrader2015 ↑

Read what I wrote, the word "shouldn't" as opposed to your word "can".
It means they can do it because they did do it, but my view is they should not do it. Further the auditors have gone to the trouble of specifically writing that "cost capitalised may not comply with the recognition requirements relevant to AASB 138"
They write that because they(auditors) , as opposed to us, have access to the process of JUDGEMENT that the company used to decide to capitalise. As such the auditors are flagging very clearly that they do not agree that the capitalisation is FULLY compliant. If it was FULLY compliant they would not warn about it.

In short it's a pea and thimble trick IMO assuming a future economic benefit from an intangible asset in THIS instance and this company. The auditors are in this instance the only messenger that has direct access to how the company accounts are constructed, don't shoot the messenger.

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You said intangible assets shouldn’t be capitalised period. So you’re saying no company should ever assume economic benefit from intangible assets. That’s just wrong.

Good thing Sue, an experienced lawyer member of a law advisory council is making these decisions and not you

Last edited by Wisefool22: 04/09/18

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Ann: Appendix 4E & 30 June 2018 Financial Report, page-51

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Ann: Appendix 4E & 30 June 2018 Financial Report, page-51

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