The accountant has asked your team to explain to the intern of the other team the treatment for interest capitalization when accounting for self$-$constructed assets. In preparing your presentation notes, be sure to address the following. Paragraph citations are to be provided with answers where applicable.

What is the objective of capitalising interest?

What is meant by a qualifying asset?

Identify the assets which may qualify for interest capitalization.

If interest capitalization is allowed, what disclosures are required?

Compute the amount of interest to be capitalised. Provide detailed workings. Round to $2$ decimal places.

What was the capitalised cost of the new office building on the statement of financial position.