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Need an research paper on arsenal plc: control an asset. Needs to be 6 pages. Please no plagiarism.
Need an research paper on arsenal plc: control an asset. Needs to be 6 pages. Please no plagiarism. This also resulted in an increased profit before tax of £55.96 million in 2010 which remained £45.51 in 2009 (Arsenal Holdings Plc, 2010). Although these figures are very influential for shareholders they are heavily dependent on the accounting policies and standards used by the organization. The independent auditors reported that in their opinion the financial statements give a true and fair view of the state of the Group’s and the parent company’s affairs as for the year ended. Now let us analyze one aspect of the Annual report which pertains to the contract costs for the players and how they are treated in the annual report. The reporting framework that has been applied in the preparation of the financial statements was generally accepted United Kingdom Accounting Standards but we will analyze this aspect from the International Financial Reporting Standards. The Arsenal Club capitalizes the cost of player registration fees and amortizes over the contract life. However, they do not include any value for their players or “homegrown” players. Football players are generally different from the common human resource that an organization possesses during its lifetime. Since every human capital is metaphorically an asset for the organization but it is not treated as an asset since it does not fulfill the accounting definition of the asset. According to the definition of an asset, it is controlled by an entity and provides future economic benefits to the entity. To control an asset the organization should hold the power to obtain the future economic benefits which will be emanating from the resource or it should be able to restrict the access of that asset from others. .
