The paper "Kakadu: Mining vs Intangible Values" is a perfect example of a finance and accounting assignment. This article is all about a national park in Australia called Kakadu, which has both intangible values and mineral deposits. Controversy arose on whether to exploits these precious minerals deposits such as Uranium for national gain or preserve the natural setting of Kakadu for its heritage values that have even enabled it to be listed on the top world heritage sites (Aplin, G 2004). Kakadu national park has various kinds of assets; assets in accounting are economic resources.
Assets are divided into tangible, intangible and heritage assets. Tangible assets are those assets considered the goods of material nature and they can be perceived by senses. This means that tangible assets have a physical existence and they give the holders of the set of financial rights over them. For example, some of the tangible assets found in Kakadu are; land, mineral deposits, trees, rivers, floodplains, mangroves, mudflats and mineral deposits such as uranium Aplin, G (2004). Moreover, Kakadu has a variety of wildlife such as birds, reptiles and many species of mammals.
All these are called tangible assets because they exist and can be seen, they also have financial values to the nation. Intangible assets in accounting are those goods that lack physical substance and they are usually hard to evaluate, however, they provide value to the firm. In most cases, intangible assets are attached to how nature has endowed a particular organization or region over the other (Barth & Clinch, 1998:1). It is easy to acquire tangible assets but very hard to acquire intangible assets. Thus, the intangible assets are associated with the gifts of nature, in other words, how nature poses the advantage to a particular region or organization over its competitor (Garger, 2010:1).
Examples of intangible assets that are found in Kakadu national park are; archaeological sites, wildlife, physical features, the strategic location of the Kakadu and heritage values.
Aplin, G 2004,' Kakadu National Park World Heritage Site: deconstructing the debate, 1997- 2003',
ABC News 2010,' Green group wants end to Kakadu uranium mining', ABC News, 30 May;
Aasb.gov.au. (2011). Fair value measurement. Accessed on web 14th Oct 2012. Retrieved from http://www.aasb.gov.au/admin/file/content105/c9/AASB13_09-11.pdf
Australian Geographical Studies, vol. 42, no. 2, pp 153-74; Carson,RT, Wilks, L & Imber, D 1994' Valuing the preservation of Australia's Kakadu conservation zone', Oxford Economic Papers, vol. 46 supplement, pp. 727-49;
Fitzgerald, B 2011,' Jabiluka still on, says ERA', Sydney Morning Herald, 14 April; Statham, L 2011,' Kakadu owners want to stop uranium mining', Sydney Morning Herald, 7 April.
Barth, Mary &Clinch, Greg. (1998). Revalued financial, tangible, and intangible assets: Association with share prices and non-market based value estimates. Journal of accounting research. Vol. 36. Institute of professional accounting. USA. Retrieved from http://www.jstor.org/discover/10.2307/2491314?uid=3738336&uid=2129&uid=2&uid=7 0&uid=4&sid=21101315627547
Garger, John. (2010). How investors view the difference between the tangible and intangible assets. Accessed on web 14th Oct 2012. Retrieved from http://www.brighthub.com/office/finance/articles/19313.aspx
Hhkicpa.org.hk. (2010). Conceptual framework for financial reporting 2010. Accessed on web 14th Oct 2012. Retrieved from http://app1.hkicpa.org.hk/ebook/HKSA_Members_Handbook_Master/volumeII/framewo rk.pdf
Smith, John. (2009). What is the difference between tangible and intangible assets? Accessed on web 14th Oct 2012. Retrieved from http://voices.yahoo.com/what-difference-between- tangible-intangible-4984324.html?cat=3
Thomsonreuters.com.au. (2011). AASB issues new standards on fair value measurement and disclosure. Accessed on web 14th Oct 2012. Retrieved from http://sites.thomsonreuters.com.au/tainsight/2011/11/03/aasb-issues-new-standard-on- fair-value-measurement-and-disclosure/
Wise-uranium.org. (2012). Issues at operating Uranium mines and mills –Ranger Australia. Accessed on web 14th Oct 2012. Retrieved from http://www.wise- uranium.org/umopaura.html