Question 1BAnswer for (i) B. For each of the following independent scenario, discuss the issue and describe the impacton the audit report:i. During the audit, the team discovers that one of the five development projects, valued atRM880,000 and included as intangible assets, does not meet the criteria forcapitalisation. The finance director does not intend to change the accounting treatmentadopted as she considers this an immaterial amount.

Step 1 As per US GAAP, intangible assets can be capitalized in financial statements only if the…

Answered: Question 1B Answer for (i)

Business

Accounting

Question 1B Answer for (i)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.

Question

Question 1B

Answer for (i)

B. For each of the following independent scenario, discuss the issue and describe the impact
on the audit report:
i. During the audit, the team discovers that one of the five development projects, valued at
RM880,000 and included as intangible assets, does not meet the criteria for
capitalisation. The finance director does not intend to change the accounting treatment
adopted as she considers this an immaterial amount.

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