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Discuss the accounting treatment of the patent

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Reference no: EM133072617

Question - Haroo Bhd acquired a patent at a cost of RM1,000,000 on 1 July 2016 for its "Extraordinary You" beauty product. The patent has an economic life of 5 years. However, on 30 June 2018, similar product by a rival company led to a significant decline in cash flows. A review has determined that the present value of future cash inflows was estimated at 55% of the initial cost and the fair value less cost to sell was RM530,000. Discuss the accounting treatment of the patent for the year ended 30 June 2018.

Reference no: EM133072617

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