Development costs

it can only be capitalised if it meets all the PIRATE criteria:
Probable that there is a future economic benefit
Intention to use/sell in future
Resources are adequate
Ability to use /sell
Technical feasebility
Expenses can be measured reliably

hopes this help 🙂

I am inclined to think that the entity MUST capitalise such assets if the entity already have proven criteria.
If the entity doesn’t want to capitalise development costs, whey would they prove its recognition with criteria?

Hello, Thanks for asking this… I didn’t realise I didn’t know the answer… I was confused too because under UK Standards it is a choice but under IFRS it is a requirement.

It won’t come up now… because I know the answer.
🙁