Intangible Assets Describe how the recognition and measurement requirements for Intangible Assets

Task: Question 1 – Reporting Environment and Conceptual Framework Required: ComCare is a not-for-profit entity. Explain how ComCare should account for the following items, justifying your answers by reference to the revised Conceptual Framework’s definitions and recognition criteria. a) Purchased an item of equipment for $10,000. The supplier of the equipment has issued an invoice for $10,000 on the date of purchase with 30-day payment terms. Textbook：Loftus et al. 2019 Financial Reporting, 3rd ed., Wiley, Milton, QLD. Chapter 1 Accounting Regulation and the Conceptual Framework （from LO7...） Example: Exercise 1.11: Explain how Beachside Ltd should account for the following items/situations, justifying your answer by reference to the Conceptual Framework’s definitions and recognition criteria. Question 2 Intangible Assets Describe how the recognition and measurement requirements for Intangible Assets under AASB 138 differ from the recognition and measurement principles outlined for assets under the (revised) Conceptual Framework and explain the reasons why these differences may exist. Refer to AASB 138 and Conceptual Framework where appropriate (max. 250 words).