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Dear Tutor,
I know that internally generated assets are not normally recognised on the balance sheet. However, should I recognise internally-generated software as an asset if it is reliably measurable?
Many thanks,
ValentinaIt has been – in certainly one exam. It was classed as development during the stages of development and then transferred fro Development to a separate asset as “Software”
But you are correct, it should not normally be recognised and I’m still not sure myself why it was in that past exam question – sorry
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