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Biomed International Ltd is developing a new production process. During the financial year ending 31st Match, 2017, the total expenditure incurred was ?50 lakhs. This process met the criteria for recognition as an intangible asset on 1st December, 2016.Expenditure incurred till this date was ?22 lakhs. Further expenditure incurred on the process for the financial year ending 31st March, 2018 was ?80 lakhs. As at 31st March, 2018, the recoverable amount of knowhow embodied in the process is estimated to be ?72 lakhs. This includes estimates of future cash outflows as well as inflows. The amount of impairment loss for the year ended 31st March, 2018 is

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The syllabus (with weightage):
A. GAAP and Accounting Standards 20%
B. Accounting of Business Combinations & Restructuring 20%
C. Consolidated Financial Statements 20%
D. Developments in Financial Reporting 25%
E. Government Accounting in India 15%


Biomed International Ltd is developing a new production process. During the financial year ending 31st Match, 2017, the total expenditure incurred was ?50 lakhs. This process met the criteria for recognition as an intangible asset on 1st December, 2016.Expenditure incurred till this date was ?22 lakhs. Further expenditure incurred on the process for the financial year ending 31st March, 2018 was ?80 lakhs. As at 31st March, 2018, the recoverable amount of knowhow embodied in the process is estimated to be ?72 lakhs. This includes estimates of future cash outflows as well as inflows. The amount of impairment loss for the year ended 31st March, 2018 is






 
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