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Development cost

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Development cost

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by mrjonbain.
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  • August 22, 2021 at 12:50 pm #632529
    kuttan
    Member
    • Topics: 6
    • Replies: 0
    • ☆

    Why development expenditure recognized as an expenditure in SOPL cannot be subsequently be reinstated as an asset in SOFP?

    August 22, 2021 at 6:24 pm #632569
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1558
    • ☆☆☆☆☆

    Basically if development expenditure met the criteria for capitalisation it should have been capitalised and not expensed. If it didn’t meet all the criteria and was correctly expensed in profit and loss then it should stay that way. IAS 38 specifically prohibits capitalising expenditure that didn’t previously meet criteria to be capitalised. Hope this helps.

    August 22, 2021 at 6:29 pm #632570
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1558
    • ☆☆☆☆☆

    Following article might help you-

    https://www.accaglobal.com/ca/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/rd.html

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