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Question - You have recently joined a firm of accountants and have been asked to advise different clients. The clients prepare their financial statements under IFRS standards. However, they are considering changing to the use of US GAAP. The finance director have sought your help with the following issue, which will have an impact on the financial statements for the year ending 31 December 2020.
During 2020, Digital plc incurred legal fees of £100,000 in connection with an unsuccessful defense of a patent. The patent had been acquired at the beginning of the previous financial year (i.e. 1st January 2019) for £400,000 and was being amortized over a five-year period. Because of the unsuccessful litigation, the patent was considered worthless at the end of the year.
REQUIRED - Showing your calculations where appropriate and explaining the accounting treatment by reference to IFRS Standards. The client also asks if the treatment for this case would be different under US GAAP.
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