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How should the expense be treated in the financial statement

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Babel Limited is researching and developing refined processes for manufacturing. During 2020, expenditure incurred was $100,000. $90,000 of this expense was incurred before 1st December 2020 and $10,000 between 1st December 2020 and 31st December 2020. Babel can demonstrate that, at 1st December 2020, the production process met the criteria for recognition as an intangible asset. The recoverable amount of the expertise of the process estimated to be $50,000.

Required:

Problem 1: How should the expense be treated in the financial statements of Babel as at December 31, 2020 as per the provision of IAS 38. Answers must clearly demonstrate the understanding of the said IAS.

Reference no: EM132759583

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