I want CCI members suggestion on the following question regarding IFRS/IAS.Thank u all in advance...
A client company has spent RS 600,000 in developing a new product. These costs meet the definition of an intangible
asset under IAS 38 and have been recognized in the balance sheet. Local tax legislation allows these
costs to be deducted for tax purposes when they are incurred. Therefore, they have been recognized as an
expense for tax purposes. At the year-end the intangible asset is deemed to be impaired by RS 50,000.What would be a treatment for this ??
CAclubindia
