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is there a basis to capitalise development expenditure ,does it satisfy all criterias ? (one example : identifiability) or we take it as an exception.
-An entity could demonstrate that criteria met in 2015,accountant expensed it in 2015 financial statements. What do we do in year 2015 under which IAS ?
We capitalise it as it meets the definition of an asset and the recognition criteria as per the framework, i.e. we control it, generate probable future economic benefits and can measure it reliably.
If it is a material error then we will correct it as a prior year error, if not material then just adjust it through this year’s accounts.
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