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FIN611 GDB Spring 2019 Solution & Discussion Last Date: 30-07-2019
A road construction company has acquired a long term loan for the purchase of ‘equipment – A’ which will be manufactured on special order for a specific long term project. Along with that, the company has also acquired other ‘equipment – B’ that will be used for various construction projects.
Answer the following with reference to the IAS 23 on Borrowing Costs:
Which of the equipment can be treated as a qualifying asset? Give a reason in the light of relevant IAS.
Which equipment is a non-qualifying asset?
How the cost incurred for the qualifying asset would be treated other than benchmark treatment?
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1: Equipment A is the used as qualifying Asset because the assets which are manufactured on special basis not is regular basis.
2: Equipment B is non-qualified asset because it is routinely manufactured in large quantifying quantity's quantify.
3: The actual costs incurred less any income earned on the temporary investment of such borrowings.