In concluding the chapter on accounting for intangibles, to many observers it does appear that for the sake of enhancing international comparability Australia has embraced a less than ideal accounting standard" (Deegan 2012)

 You are required to:

1) Discuss and analyse the above statement relating it back to the qualitative characteristics in the IASB Conceptual Framework such as relevance, reliability, comparability, verifiability, timeliness and understandability whilst relying on a theoretical framework.

2) Your discussion should address intangible assets (AASB 138) and examine the immediate expensing of all expenditure of the research component of R&D and explain how capitalisation of development expenditure is met.