Intermediate Financial Accounting

This section of the study would provide a small overview of the whole study in a brief and precise manner. The report deals with the discussion and understandings related to the intangible assets of the companies. The first part reviews the significance of intangible assets in organizations and how it is assisting companies to maintain their position in the competitive environment. International Accounting Standard 38 mentions the utility and usage of intangibles in the financial aspect of companies. The intangible assets are the intellectual property rights, goodwill and the expenditures of the company on research and developments. They are also known as capital developments. In the second part of the report, the examples of two famous listed Australian companies have been taken. Both of these companies are from pharmaceutical industry. Acrux Limited specializes into development of fast-drying sprays and other medicinal products, while Agenix Limited is mainly based in China and has competency in development of biopharmaceuticals. The company is into several agreements with renowned institutions for development, innovation and discovery of useful medicines for the betterment of mankind. The management in Acrux Limited considers their intangible assets at the cost price when they were acquired. In case of Agenix Limited the capital development of their research and development on some new drug has been included. Agenix Limited has a larger base of intangible assets than Acrux limited, in terms of financial value. Both the financial statement of both the companies shows that the intangible assets of the companies are well-maintained. This also signifies that the value of these companies in terms of their goodwill is high in the market and revenue or profitability is also high.

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