. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs to accompany Deegan, Australian Financial...

. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs to accompany Deegan, Australian Financial Accounting 6e 8-1

Chapter 8

Accounting for intangibles


Objectives of this lecture• Understand what types of assets can be considered

intangible assets and understand the differences between intangible and tangible assets

• Understand when expenditure on intangible assets should be recognised as an asset

• Understand when expenditure on intangible assets must be expensed

• Understand that intangible assets will either need to be systematically amortised or be the subject of impairment testing and that this choice will depend upon whether the asset is expected to have a limited useful life or an indefinite life


Objectives (cont.)• Understand how to account for research and

development expenditure• Be able to describe some empirical research that has

been undertaken on corporate accounting practices relating to research and development

• Be able to define goodwill and explain how it is calculated for accounting purposes

• Be able to evaluate whether the recent changes in accounting standards pertaining to intangibles led to an improvement in the information available to financial statement users


Definition of intangible assets• Non-monetary assets without physical substance• Includes patents, goodwill, mastheads, brand

names, copyrights, research and development, and trademarks

• The lack of physical substance does not preclude an item from being considered to be an asset

• Intangible assets, as a category, must be separately disclosed in the statement of financial position (balance sheet)


Definition of intangible assets (cont.)Identifiable vs unidentifiable intangible assets• Identifiable intangible assets

– A specific value can be placed on each individual asset, and they can be separately identified and sold

– For example, brand names, trademarks, research and development, patents, licences, mastheads and copyrights

– Internally generated intangibles (other than those relating to development expenditure, if certain criteria are satisfied) must be expensed as incurred

– ‘Internally generated’—if developed within the organisation rather than being acquired at cost from an external party


Definition of intangible assets (cont.)Identifiable vs unidentifiable intangible assets (cont.)• Unidentifiable intangible assets

– Intangible assets that cannot be separately sold

– For example, goodwill

– The recognition of internally generated goodwill is prohibited

– The unidentifiable intangible asset of goodwill is permitted to be recognised for accounting purposes only when it has been externally acquired and not when it has been internally generated (AASB 3)


Definition of intangible assets (cont.)

Identifiable vs unidentifiable intangible assets (cont.)• Greater value nowadays being placed on intangible assets

for many companies—valuation an important issue

• Many intangible assets to be expensed—not appearing on the statement of financial position

• Many internally generated intangibles must be written off as incurred despite the fact that these ‘assets’ are often expected to generate future economic benefits—a VERY restrictive (conservative) approach

• How informative is financial accounting in respect of providing information about valuable intangible assets?


Which intangible assets can be recognised and included in the statement of financial position?

AASB 138 Intangible Assets• Internally generated intangible assets (except

internally generated development expenditure) are not to be carried forward as assets

• Specifically, paragraph 63 states:Internally generated brands, mastheads, publishing titles, customer lists and items similar in substance shall not be recognised as intangible assets

.

Which intangible assets can be recognised and included in the statement of financial position? (cont.)

AASB 138 Intangible Assets (cont.)• Intangible assets may be recognised only upon

acquisition from an external party and only when there is an associated ‘cost’

• ‘Cost’ to include purchase price (including legal fees, taxes and deducting discounts) and cost involved in getting asset ready for use

• Initial recognition of an intangible asset at an amount other than cost not permitted

• Internally generated intangibles cannot subsequently be recognised through revaluation

Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs to accompany Deegan, Australian Financial Accounting 6e 8-9


Which intangible assets can be recognised and included in the statement of financial position? (cont.)

AASB 138 Intangible Assets (cont.)• Intangible assets other than goodwill are required to be

separable if they are to be recognised as assets for statement of financial position (balance sheet) purposes

• ‘Separable’ refers to being able to rent, sell, exchange or distribute the specific future economic benefits attributable to the asset without also disposing of future economic benefits that flow from other assets used in the same revenue-earning activity

• Intangible asset (as per all assets) must be recognised when:– it is probable that the future economic benefits attributable to

the asset will flow to the entity– cost can be measured reliably– there is control over the future economic benefits


What is the initial basis of measurement of intangible assets?AASB 138 Intangible Assets• With the exception of expenditure incurred on

development activities, only acquired intangibles may be recognised for balance sheet purposes

• Expenditure on internally generated intangibles does not qualify for deferral (asset recognition) and must be expensed

• Cost of an asset to include the cost of acquiring the asset and preparing it for use


What is the initial basis of measurement of intangible assets? (cont.)

AASB 138 Intangible Assets• Once an item of expenditure related to an intangible asset

has been written off (expensed) it must stay written off (VERY conservative!). As paragraph 71 of AASB 138 states:

Expenditure on an intangible item that was initially recognised as an expense shall not be recognised as part of the cost of an intangible asset at a later date

• Acquired intangible assets may be revalued to fair value only where there is an ‘active market’ for such assets

Refer to Worked Example 8.1 on page 253—Capitalising expenditure on intangible assets


General amortisation requirements for intangible assets

• Intangible assets (other than goodwill) that are considered to have a limited useful life are required to be amortised over their useful lives

• Useful life of an intangible asset under AASB 138– The period of time over which the asset is expected to

be used by the entity, or the number of production or similar units expected to be obtained from the asset by the entity

• If the life of an intangible asset is limited by time a method of amortisation based on time would be used

• Amortisation shall begin when the asset is available for use, that is when it is in a location and condition necessary for it to be capable of operating in the manner intended by management (same rule as with depreciation of property, plant and equipment)


General amortisation requirements for intangible assets (cont.)• In determining the amortisation charge of an asset we

need to consider the expected residual value of the asset• Under AASB 138 the residual value of intangible assets

with finite lives is generally considered to be zero, unless:– there is a commitment by a third party to purchase the

asset at the end of its useful life, or– there is an active market for the asset, and the residual

amount can be determined by reference to that market and it is probable that the market will still exist at the end of the useful life of the asset

• Useful life, residual value and amortisation method to be reviewed annually


General amortisation requirements for intangible assets (cont.)

Useful life of an intangible asset (AASB 138, par. 90)

Many factors need to be considered in determining the useful life of an intangible asset, including:

(a) the expected usage of the asset by the entity and whether the asset could be managed efficiently by another management team

(b) typical product life cycles for the asset and public information on estimates of useful lives of similar types of assets that are used in a similar way

(c) technical, technological, commercial, or other types of obsolescence

(d) the stability of the industry in which the asset operates and changes in the market demand for the products or services output from the asset


General amortisation requirements for intangible assets (cont.)

Useful life of an intangible asset (AASB 138, par. 90) (cont.)Many factors need to be considered in determining the useful life of an intangible asset, including (cont.):

(e) expected actions by competitors or potential competitors

(f)the level of maintenance expenditure required to obtain expected future economic benefits from the asset and the entity’s ability and intent to reach such a level

(g)the period of control over the asset and legal or similar limits on the use of the asset, such as the expiry dates of related leases

(h)whether the useful life of the asset is dependent on the useful life of other assets of the entity


General amortisation requirements for intangible

assets (cont.)

• Amortisation method should reflect the pattern in which the economic benefits are derived—if the pattern cannot be determined reliably, the straight-line amortisation method is to be used

• Intangible assets may have an ‘indefinite life’– No foreseeable limit on the period over which the asset is

expected to generate cash flows

• If the asset has an indefinite life there is no requirement to amortise—instead the asset should be subject to impairment testing at the end of each reporting period

• If there is an impairment in the value of the asset (recoverable amount less than carrying amount) it is to be shown as an expense


General amortisation requirements for intangible assets (cont.)• The assumption that an asset has an indefinite life (and therefore

does not have to be amortised) is to be reviewed annually and the entity is to disclose reasons supporting the view that the asset has an indefinite life

• If there has been a change in the pattern of consumption of the future economic benefits embodied in the asset, the amortisation method shall be changed to reflect the changed pattern

• Such changes shall be accounted for as changes in accounting estimates in accordance with AASB 108

• Amortisation charges to be expensed unless another standard requires the amount to be included in the carrying amount of another asset (e.g. added to cost of inventory)

• Amortisation to start when the intangible asset is ready for use

Refer to Worked Example 8.2 on page 255—Determining the amortisation expense


Revaluation of intangible assets• AASB 138—intangible assets may be revalued only if

there is an ‘active market’

• Only assets that have been acquired at cost can subsequently be revalued

• Active market defined as:– a market exhibiting all of the following: the items traded are

homogeneous, willing buyers and sellers can normally be found, and prices are publicly available

• It is ‘uncommon’ for active markets to exist for most intangible assets because of their unique nature

• Therefore, intangible assets can typically not be revalued – This has obvious implications for the possible undervaluation of assets as shown in a statement of financial position


Revaluation of intangible assets (cont.)

• Where revaluation occurs it must be to fair value of asset– An amount for which an asset could be exchanged

between knowledgeable, willing parties in an arm’s length transaction

• Revaluations to be done regularly so that recorded value does not differ materially from fair value at balance sheet date

• Subsequent to revaluations any amortisation charges to be based on revalued amount taking into account remaining useful life

• Revaluations of goodwill are not permitted in Australia, whether internally generated or externally acquired

• Refer to Worked Example 8.3 on page 258—Revaluation of intangible assets


Required disclosures in relation to intangible assetsNumerous disclosures are required by AASB 138Financial statements are to disclose the following for each class of intangible assets, distinguishing between internally generated and other intangible assets:(a) Whether the useful lives are indefinite or finite and, if finite,

the useful lives or the amortisation rates used(b) The amortisation methods used for intangible assets with

finite useful lives(c) The gross carrying amount and any accumulated

amortisation (aggregated with accumulated impairment losses) at the beginning and end of the period

(d) The line item(s) of the statement of comprehensive income in which any amortisation of intangible assets is included


Required disclosures in relation to intangible assets (cont.)(e) A reconciliation of the carrying amount at the

beginning and end of the period showing:(i) additions, indicating separately those from internal

development, those acquired separately, and those acquired through business combinations

(ii) retirements and disposals(iii) increases or decreases during the period resulting

from revaluations and from impairment losses recognised or reversed directly in equity

(iv)impairment losses recognised in the income statement during the period

(v) impairment losses reversed in the income statement during the period

(vi)any amortisation recognised during the period


Required disclosures in relation to intangible assets (cont.)Financial statements are also to disclose:(a) if an intangible asset is assessed as having an indefinite

useful life, the carrying amount of that asset and the reasons supporting the assessment of an indefinite useful life. In giving these reasons the entity is to describe the factor(s) that played a significant role in determining that it has an indefinite useful life

(b) a description, the carrying amount and remaining amortisation period of any individual intangible asset that is material to the financial statements of the entity as a whole


Required disclosures in relation to intangible assets (cont.)

Financial statements are also to disclose: (cont.)(c) for intangible assets acquired by way of a government grant

and initially recognised at fair value:

(i) the fair value initially recognised for these assets

(ii) their carrying amounts

(iii)whether they are carried under the benchmark or the allowed alternative treatment for subsequent measurement


Required disclosures in relation to intangible assets (cont.)Financial statements are also to disclose: (cont.)(d) the existence and carrying amounts of intangible assets whose

title is restricted and the carrying amounts of intangible assets pledged as security for liabilities

(e) the amount of contractual commitments for the acquisition of intangible assets

Note: Additional disclosures are required in relation to research and development expenditure


Research and developmentIntroduction• AASB 138 applies to intangible assets generally—however,

there are a number of paragraphs dealing specifically with research and development

Research and development• May account for a large proportion of expenditure for some

entities• Accounting problem: will expenditure with reasonable

probability provide future benefits?• AASB 138 applies the simplifying assumption that all

expenditure undertaken on the research component of research and development is to be expensed


Research and development (cont.)

Research• Considered separately from development• Generally precedes development• Research is defined as:

– original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding

DevelopmentDefined as (AASB 138, par. 8):– application of research findings or other knowledge to a

plan or design for the production of new or substantially improved materials, devices, products, processes, systems, or services prior to the commencement of commercial production or use

Typically involves the commercial application of knowledge generated in earlier research phases



Development examples

(a) The design, construction and testing of preproduction or pre-use prototypes and models

(b) The design of tools, jigs, moulds and dies involved in new technology

(c) The design, construction and operation of a pilot plant that is not of a scale economically feasible for commercial production

(d) The design, construction and testing of a chosen alternative for new or improved materials, devices, products, processes or systems


Research and development (cont.)Research expenditure— to be written off as incurredAASB 138, par. 54

No intangible asset arising from research (or from the research phase of an internal project) shall be recognised. Expenditure on research shall be recognised as an expense when incurred

In justifying the above requirement:AASB 138 (par. 55)

In the research phase of an internal project, an entity cannot demonstrate that an intangible asset exists that will generate probable future economic benefits. Therefore, this expenditure is recognised as an expense when it is incurred

Is the above requirement too conservative?


Research and development (cont.)Development expenditure can be deferred only if the entity can show all of the following (AASB 138, par. 57):– The technical feasibility of completing the intangible asset– Its intention to complete the intangible asset, and use or sell

it– Its ability to use or sell the intangible asset; how the

intangible asset will generate probable future economic benefits, including the existence of a market for the intangible asset or, where the intangible asset is to be used internally, its usefulness

– The availability of adequate technical, financial and other resources to complete the development

– Its ability to measure reliably expenditure on the intangible asset during its development



Tests for deferral similar to the case with other intangible assets

An intangible asset should be recognised if, and only if:

(a) it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise, and

(b) the cost of the asset can be measured reliably


Research and development (cont.)Additional key issues• Where the total of the deferred development costs

exceeds the expected recoverable amount, the deferred costs must be written down to the recoverable amount

• Expenditure written off in one period may not be subsequently written back onto the statement of financial position (balance sheet). General principle (AASB 138, par. 71):

- Expenditure on an intangible item that was initially recognised as an expense shall not be recognised as part of the cost of an intangible asset at a later date


Research and development (cont.)Additional key issues (cont.)

Expenditure written off AASB 138 is inconsistent with AASB Framework

(par. 87)—however, accounting standard takes precedence. The AASB Framework states:

- An item that, at a particular point in time, fails to meet the recognition criteria in paragraph 83 may qualify for recognition at a later date as a result of subsequent circumstances or events



Requirement to write off all research expenditure as incurredWill result in much research activity that in fact does lead to subsequent economic benefits nonetheless having to be written offMajor implications for reported profits of entities that are heavily involved in R&DLess conservative than US position, where all research and development expenditure must be expensed as incurred regardless of whether or not it generates, or is expected to generate, economic benefits



Costs included as part of research and development Costs of internally generated assets (e.g. research and

development) are all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management (AASB 138, par. 66)

.

Research and development (cont.)Examples of directly attributable costs are:

• costs of materials and services used or consumed in generating the intangible asset

• costs of employee benefits (as defined in AASB 119 ‘Employee Benefits’) arising from generation of the intangible asset

• fees to register a legal right• amortisation of patents and rights that are used to

generate the intangible asset

Refer to Worked Example 8.4 on page 26—Amortisation of research and development




Amortisation of deferred development costsAASB 138 provides a number of requirements for the amortisation of intangibles, which also apply to any development expenditure that has been capitalised and deferred to future periods

Amortisation can be based on (whichever is appropriate):

output levels, or expiration of time

Refer to Worked Example 8.5 on page 263—Amortisation of deferred development costs

Refer to Worked Example 8.6 on pp. 266-68—Calculating deferred development balances


Empirical research• Requiring write-off of R&D expenditure caused smaller US R&D

firms to reduce R&D expenditure• Requiring write-off of R&D might affect management decisions

about R&D expenditure if management compensation is based on profits

• It will be interesting to investigate whether Australia becomes less competitive in terms of research and development now that all research must be expensed as incurred


GoodwillWhat is goodwill?• Arises when one entity acquires another entity, or part

thereof, e.g. one company acquires a controlling interest in another entity

• An unidentifiable intangible asset that cannot be individually identified and is an intrinsic part of the business

• Cannot be purchased or sold separately, but only as part of an entity in its entirety

• Represents the future economic benefits associated with an existing customer base, efficient management, reliable suppliers, etc.

.

Goodwill (cont.)

What is goodwill? (cont.)• Could be built up over a number periods (internally

generated) or obtained (purchased) by acquiring an existing business

• The relevant accounting standard is AASB 3 Business Combinations, which defines goodwill as:An asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised



Goodwill (cont.)

Internally generated versus purchased goodwill• Goodwill may be internally generated or acquired by

purchasing an existing business• Only purchased goodwill is permitted to be recorded. The

view is that:– purchased goodwill can be measured more reliably than

internally generated goodwill, based on the amount paid• Internally generated goodwill cannot be brought to account• Purchased goodwill is measured as:

– the excess of the cost of acquisition (purchase consideration plus incidental expenses) incurred by the acquirer over the fair value of the identifiable net assets and contingent liabilities acquired


Goodwill (cont.)How is goodwill measured?

• As we just learned, purchased goodwill is measured as the excess of the cost of acquisition (purchase consideration plus incidental expenses) incurred by the acquirer over the fair value of the identifiable net assets and contingent liabilities acquired

In relation to the above measurement rule, ‘fair value’ is:the amount for which an asset could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm’s length transaction

Purchase consideration:• should be measured at the fair value of what is given up in the

exchange

Refer to Worked Example 8.7 on page 269—Calculation of goodwill


Illustration

Range Ltd acquired a business for the following consideration:

– Cash $50 000

– Land—Book value $90 000

Fair value $150 000

– Shares in Range Ltd—fair value $60 000

– Legal fees relating to acquisition $10 000


Illustration (cont.)

The business being acquired had the following assets and liabilities (there were no contingent liabilities):

Liabilities– Bank loan $50 000– Creditors $30 000

Assets– Plant and equipment $150 000– Motor vehicle $30 000– (the plant and equipment and motor vehicle have fair value

of $170 000 and $30 000, respectively)

HOW MUCH GOODWILL WAS ACQUIRED?


Illustration—Solution

Fair value of consideration

Cash $50 000

Land $150 000

Shares $60 000

Legal fees $10 000

TOTAL $270 000

Net assets acquired

Plant and equip. $170 000

Motor vehicles $30 000

$200 000

Less: Liabilities $80 000 $120 000

Goodwill $150 000


Illustration—Solution (cont.)

Dr Plant and equipment 170 000

Dr Motor vehicle 30 000

Dr Goodwill 150 000

Cr Bank loan 50 000

Cr Creditors 30 000

Cr Cash 50 000

Cr Legal fees payable 10 000

Cr Land 90 000

Cr Gain on disposal of land 60 000

Cr Share capital 60 000


Impairment of goodwillImpairment testingRequirement to amortise goodwill was removed in 2005

and replaced with requirement to undertake annual ‘impairment testing’

AASB 3 (par. 55)– Goodwill acquired in a business combination shall not be

amortised. Instead, the acquirer shall test it for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, in accordance with AASB 136 ‘Impairment of Assets’

AASB 136 (par. 124)– An impairment loss recognised for goodwill shall not be

reversed in a subsequent period


Impairment of goodwill (cont.)

Key termsImpairment loss (under AASB 136)

• The amount by which the carrying amount of an asset or cash-generating unit exceeds its recoverable amount

Recoverable amount of an asset (under AASB 136)

• The higher of its fair value less costs to sell and its value in use

Value in use• Present value of the future cash flows expected to be derived

from an asset or cash-generating unit


Impairment of goodwill (cont.)

Accounting for impairment loss of goodwill

Dr Impairment loss—goodwill

Cr Accumulated impairment loss—goodwill

Note:

Prohibition on revaluing goodwill—if the recoverable amount of goodwill is assessed as being greater than the carrying value then no revaluation may be made


Impairment of goodwill—Worked Example 8.8 (p. 271)

• It will be necessary to allocate purchased goodwill to specific cash-generating units (if there is more than one CGU)

• A cash-generating unit is:– the smallest identifiable group of assets that generates cash

inflows that are largely independent of the cash inflows from other assets or groups of assets

.

Impairment of goodwill—Worked Example 8.8 (cont.)• Where the recoverable amount of a cash-generating unit

is below its carrying amount then any amount of goodwill attributed to that CGU must firstly be reduced. If the impairment loss exceeds the amount of goodwill initially attributed to the CGU then there must also be a pro-rata reduction in the carrying value of the identifiable assets. As paragraph 104 of AASB 136 states:

The impairment loss shall be allocated to reduce the carrying amount of the assets of the unit (group of units) in the following order:

(a) first, to reduce the carrying amount of any goodwill allocated to the cash-generating unit (group of units); and

(b) then, to the other assets of the unit (group of units) pro rata on the basis of the carrying amount of each asset in the unit (group of units)



Is the new approach to accounting for intangibles an improvement?

Critical perspective• The intangible asset accounting standard offers new levels

of international consistency in financial reporting but some argue that it is seriously flawed and archly conservative

• Fails to require recognition of many intangible assets—will reduce the value of statements of financial position (balance sheets) in relation to providing information about the resources under the control of the reporting entity

• Places a number of severe restrictions on the recognition of internally generated intangible assets and on revaluation of those assets

• Users will experience a lack of information on intangibles as many will now go unreported


Is the new approach to accounting for intangibles an improvement? (cont.)

Critical perspective (cont.)

• Introduces subjectivity: rather than amortising goodwill over a set period of time, assessments will now have to be made about whether the value of goodwill has been ‘impaired’

• Requirement that all research be written off as incurred is very conservative—financial statement users will not be able to differentiate between entities that have expended resources on research that is expected to culminate in economic benefits and those that have incurred expenditure that is not expected to generate economic benefits



Critical perspective (cont.)

• Possible that requiring entities involved in research and development to expense all research as incurred might discourage them from undertaking certain research as it will impact negatively on profits

• Previously, no prohibition on revaluing identifiable intangible assets (other than goodwill)—as a result of adopting IFRSs we are now only allowed to revalue identifiable intangible assets if there is an ‘active’ market for them



Critical perspective (cont.)• Active market restrictively defined as ‘a market where the

items traded are homogeneous, there are willing buyers and sellers at any time, and prices are known to the public’

• Active markets do not exist for the vast majority of intangible assets

• As a result of adopting IFRSs, in most cases where intangible assets are recognised they will be recorded at cost, less accumulated amortisation, rather than being shown at their fair value, with ‘fair value’ potentially being more relevant to users of financial statements


SummaryThe main purpose of this lecture has been to consider intangible assets, specifically:

How to account for:1. intangible assets generally

2. research and development

3. goodwill


Summary (cont.)1. Intangible assets• Intangible assets considered to be non-monetary assets

without physical substance and include patents, goodwill, mastheads, brand names, copyrights, research and development, and trademarks

• General rule is that expenditure associated with internally generated intangible assets (excluding development expenditure) is to be expensed as incurred

• Internally generated intangibles are also not permitted to be revalued


Summary (cont.)

1. Intangible assets (cont.)• Where intangible assets are revalued (typically acquired

externally) such revaluations can only be undertaken where there is an ‘active market’ for such assets and fair values can be ascertained

• Intangible assets can be classified as either:

- identifiable intangible assets, or

- unidentifiable intangible assets (e.g. goodwill)


Summary (cont.)

1. Intangible assets (cont.)

•Intangible assets can also be considered in terms of having:– a limited useful life, or– an indefinite life

•If intangible assets are considered to have a limited life:– there is a need to allocate their costs, or revalued amount,

over their useful lives by periodic amortisation

•If intangible assets are considered to have an indefinite life:– annual amortisation charges do not apply but asset is

subject to annual impairment testing


Summary (cont.)

2. Research and development

• Research and development comprises costs of materials and services consumed in research and development activities, salaries and wages, and depreciation of research-related equipment

• Research expenditure is required to be expensed as incurred

• Development expenditure may be carried forward as an asset to the extent that future economic benefits are deemed probable, and such benefits are measurable with reasonable accuracy

• Development expenditure would need to be amortised in subsequent periods


Summary (cont.)3. Goodwill• Goodwill is defined as future benefits from unidentifiable

assets• Unidentifiable assets are assets that are not capable of

being either individually identified or specifically recognised• Only purchased goodwill can be recognised for external

reporting purposes• Purchased goodwill is measured as the excess of the costs

of acquisition incurred by an entity over the fair value of the identifiable net assets and contingent liabilities acquired

• Goodwill carried forward to future periods is subject to annual impairment testing as opposed to periodic amortisation

. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs to accompany Deegan, Australian Financial...

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Transcript of . Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs to accompany Deegan, Australian Financial...