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As Rina's assistant accountant you would need to assist her in providing a full-length written explanation to PwC next week by providing the accounting treatment
As Rina's assistant accountant you would need to assist her in providing a full-length written explanation to PwC next week by providing the accounting treatment related to MFRS 138 - Intangible Assets for the following issues: v. XL brand audit software was purchased to complement the XYZ purchased for RM 250,000. At the year end, an external brand specialist was consulted as it was valued at RM 300,000. (2 marks) vi. RM 600,000 was spent on developing a new tax software, including RM 250,000 spent on researching the product before the Board of Directors could give their consent to fully support the project financially. (2 marks) vii. Training costs to use the XYZ software amounted to RM 20,000 and once trained, the employees are expected to remain with the organization for an average of 3 years. (2 marks)
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