In addition to the Transaction/events that have occurred during the year, the CEO would like you to provide some accounting advice on some proposed future expenditure. Specifically, Surf Ltd is considering commencing a project to develop a modified road surfacing machine to use in locations with unstable soil. For the project, the budgeted costs are expected to be as follows: ? $50,000 on studies into soil geology and inefficiencies of currently available machines ? $180,000 on salaries of technical staff to formulate several alternative machine designs. ? $60,000 on salaries of technical staff to refine the designs of the chosen machine. ? $700,000 to construct and test a small-scale prototype of the machine. ? If the protype is successful Surf Ltd expects that it will require: - $10,000 in legal fees to register the patent of the chosen machine design - $1,500,000 to construct the full-scale machine to use in the business. Identify how the budgeted costs for the project will be treated for accounting purposes. Specifically, you should also identify, provide and discuss the applicable  australian accounting standard(s) for the events/transactions related.