Accounting for self-generating and regenerating assets: meeting the objectives

Abstract

The introduction of AASB 1037 and the subsequent adoption of the international standard AASB 141 sought to achieve consistency and comparability in the financial practices adopted. This exploratory paper discusses whether this was achieved and at the same time highlights issues faced by firms involved in the application of a new accounting standard. Consistency in measurement methods adopted by firms was not achieved by prescribing accounting methods under AASB 1037. However, consistency was found within firms in the application of measurement methods over time. Comparability within firms across time has been achieved, though not necessarily between firms in the SGARA Industry.