Can we back date a capitalized asset?

Summary:

Dear All,

Thank you for your help!

Scenario:

A client acquired an asset that was sent through the typical procurement process (purchase order, invoice, fixed assets). However, the asset was placed in service before the invoice was received. The purchase order reflects a cost of $500, but the anticipated invoice will arrive in 2-3 months with a potential discount, resulting in a final price of $400.

Client Inquiry:

The client wants to understand if it's possible to capitalize the asset upon receiving the final invoice, even if the date on the invoice reflects a past period (backdated).

I would appreciate any insights or guidance on the appropriate accounting treatment for this scenario.