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XYZ Ltd is listed on the Imaginary Stock Exchange. Its reporting currency is Imaginary Dollars (I$). The company manufactures cancer drugs. Recently, the company has been trialling drugs that provide an alternative to chemotherapy and has minimal side effects. Clinical trials have been very successful, and the company is in advanced stages of obtaining regulatory approval to launch the product commercially. Management, however, is conservative and has charged the entire development expense of I$720,000 in the current year as an expense. Assume that the tax rate is 30%.
Problem 1: Do you agree with XYZ Ltd's financial reporting choice? If not, what adjustments will you make to the financial statements?
Problem 2: For the above case, do not agree on the financial reporting choice made by XYZ as the expense must be capitalised due to the success of the project. Therefore, must be certain amendments as follows,
(Assuming that 3-year straight line deprecation fot development cost)
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