Business
Deloitte faces queries over Freedom Foods auditing strategy – The Australian Financial Review
Auditing firm Deloitte faces demands to explain why it signed off on an accounting strategy that disguised massive losses as steadily growing profits at Freedom…
Professor Wells said there is scope for capitalisation of certain expenditures in the Australian accounting standards and the arguments around this can be complex and detailed.
However, another accounting standard known as AASB 136 requires impairment testing for a range of assets and this requires the value of assets be no more than its recoverable amount the higher of its fair value or its value in use, he said.
“The challenge here is that if youve capitalised too many costs, you are going to…
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