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In 2020, Trademark, a public limited company, commenced construction of a shopping center. It considers that in order to fairly recognize the costs of its property, plant and equipment, it needs to enhance its accounting policies by capitalizing borrowing costs incurred whilst the shopping center is under construction. A review of past transactions suggests that there has been one other project involving assets with substantial construction periods where there would be a material misstatement of the asset balance if borrowing costs were not capitalized. This project was began in January 2019 and completed in the year ended 30 November 2019. Previously, Trademark had expensed the borrowing costs as they were incurred. The borrowing costs, which could be capitalized, are KShs 2 million for the 2019 asset and KShs 3 million for the 2020 asset.
Required:
Problem 1: Discuss how the above events should be shown in the financial statements of Trademark for the year ended 30 November 2020.
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