2012年ACCA考试《F7财务报告》讲义辅导(10)
Question 2 Myriad has recently adopted the use of IAS and a review of its existing policy of prudently writing off of all development expenditure is no longer considered appropriate under IAS38 Intangible Assets. The new policy, to be first applied for the financial statements to 30 September 2005, is to recognize development costs as an intangible asset where they comply with the requirements of IAS38. Amortization of all ‘qualifying’ development expenditure is on a straight-line basis over a four-year period (assuming a nil residual value). Recognized development expenditure ‘qualifies’ for amortization when the project starts commercial production of the related product.The amount of recognized development expenditure and the amount qualifying for amortization each year is as follows:
mount recognized Amount qualifying
As an asset for amortization
$000 $000
In the year to 30 September 2003 420 300
In the year to 30 September 2004 250 360
In the year to 30 September 2005 560 400
1230 1060
No development costs were incurred by Myriad prior to 2003.
Assuming accumulated profits on 1 October 2003 is $1 million.
Changes in accounting policies should be accounted for in accordance with IAS8 Accounting Polices, Changes in Accounting Estimates and Errors.
Required:
Prepare extracts of Myriad’s financial statements for the year to 30 September 2005 including the comparative figure to reflect the change in accounting policy.
页:
[1]