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摘要：点击免费领取： ACCA学习资料大礼包 Question 2 Myriad has recently adopted the use of IAS and a review of its existing policy of prudently ...
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 300In the year to 30 September 2004 250 360In the year to 30 September 2005 560 4001230 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.
Solution:
Income statement year to:
30 Sept, 2005 30 Sept, 2004 (restated)
$000 $000
Amortization 265 165Balance sheet as at:
Intangible non-current assets
Development
expenditure – cost 1230 670- Amortization (505) (240)
- NBV 725 430Accumulated profit 1 October2003 1000Prior period adjustment 345Accumulated profit 1 October 2003 (restated) 1345Working:
Amortization of development expenditure each year:
2003 300/4=75
2004 (300+360)/4=165
2005 (300+360+400)/4=265
In accordance with IAS8 the change in accounting policy should be applied retrospectively as if the new policy had always existed, which involves restating the comparative accounts and the retained profits b/f in the comparative accounts. The amount of the prior period adjustment would be the net book value of the development expenditure of $345000 (420000 – 75000) that would have been included in the balance sheet at 30 Sept, 2003.
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