When should the machine be capitalised to the statement

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Problem

The N&N's has recently acquired a new manufacturing machine on 31 August 2025 to improve the efficiency of chocolate production process. The machine has an expected useful life of 48 months as at 31 August. The machine has not yet been brought into use as the factory foreman (Tshepisho's nephew) Nkosisana (he/him/his) is currently on his honeymoon for the next month. The manufacturing staff have installed the machine and run some test batches of chocolate through the machine to ensure that the machine is operational. However, they are awaiting the return of the Nkosisana on 1 October before they will commence using the machine. Get the instant assignment help. In terms of IAS 16 when should the machine be capitalised to the statement of financial position and depreciation be recognised?

Reference no: EM133920459

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