Trembeld Ltd. was developing a new product, and the following timeline occurred during 2020: January 1 to

Question:

Trembeld Ltd. was developing a new product, and the following timeline occurred during 2020:

January 1 to March 31, 2020 incurred the following costs:

Materials $180,000 Direct labour 64,000 April 1, criteria to capitalize costs were met May 1 to July 31, 2020, incurred the following costs:

Materials 270,000 Direct labour 86,000 Directly related legal fees 25,400 Borrowing costs 8,600 Required:

a. How would Trembeld account for the costs above if the company followed ASPE?

b. How would Trembeld account for the costs above if the company followed IFRS?

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