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Charity Berhad is a company which specializes in developing materials and foodproduction activities for economic benefits. The director of Charity Berhad is notsure of the recognition criteria and the accounting treatments regarding the following independent costs incured:
(i) The company entered into a contract to acquire the franchise for HealthyYogurt Ice Cream. Charity Berhad has to pay RM3 million for the franchiseand recipe. It can manufacture and sell the yoghurt ice cream for five years.
(ii) The company incunred a cost of RM220,000 for a project involving theinvestigation of new adhesive recently developed in the aerospace industry.If this proves effective, then Charity Berhad may well generate significantincome because it will be used in place of existing adhesives.
(iii) Charity Berhad rented the premises, and the equipment and furniture werebought from the franchiser for RM2.5 million. The company also incurredRM400,000 in advertising and recruiting staff.
Required:
Question 1: As the company's financial accountant, determine whether MFRS116 Propery, Plant & Equipment'or MFRS 138 Intangible Asset are applicable for each of the incured costs above and explain the accounting treatments accordingly.
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