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Self constructed assets and audit for non Current assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Self constructed assets and audit for non Current assets

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Ken Garrett.
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  • August 12, 2015 at 10:50 am #266883
    alighere
    Participant
    • Topics: 47
    • Replies: 67
    • ☆☆

    One of the substantive tests for self constructed assets is to ensure that the company’s system for allocating costs the asset is appropriate.

    Some of these costs include raw materials, goods taken from inventory and sometimes interest costs

    How do interest costs can play a part here.

    August 12, 2015 at 12:11 pm #266896
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    See IAS 23

    Capitalisation of interest on the acquisition or construction of a non-current asset should commence when expenditures are being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress [IAS 23.17-18] Capitalisation should cease when substantially all of the activities necessary to prepare the asset for its intended use or sale are complete.

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