Identify alternative materials

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Reference no: EM133390667

Question: The directors are confident that a new toy in the making, Sothies, will be a best seller. During the year ended 30 June 2022, we have incurred $32,000 to identify alternative materials that can be used to manufacture this product. The initial material identified has proven difficult to obtain. Our junior accountant insists that these amounts should be recognised as an expense, but the directors are adamant that the $32,000 should be included as an asset in the balance sheet as it has the potential to produce economic benefits.

Reference no: EM133390667

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