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Problem 1: Animo Lid. has a turnover of $500,000 and pre-tax profits of $50,000. It financial statements are prepared each year to 31 December. The following comes to light in respect of the year ended 31 December 20X1. The company wrote off research and development costs of $300,000 in the year as the project had to be abandoned. How should this be treated in the financial statements of Animo Ltd?
Multiple Choice
Option 1: It should be treated as an exceptional item and disclosed separately on the face of the statement of profit or loss and explained in the notes.
Option 2: It should be included as other comprehensive income in the statement of comprehensive income .
Option 3: It should be posted directly to reserves.
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