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Hi Sir Mike!
Development cost for internally generated intangible assets can be capitalised provided it meets certain criterias right?
Eg. If it’s can be use or sold, commercially viable, technically feasible, entity has resources to complete it, cost can reliably be measured and probable inflow of economic benefits?
However, the answer seems not to consider this? It just assumed it needs to be expensed?
Thanks.
KyleThis is from the IASPLUS website for IAS 38
“Initial recognition: internally generated brands, mastheads, titles, lists
Brands, mastheads, publishing titles, customer lists and items similar in substance that are internally generated should not be recognised as assets. [IAS 38.63]”
I believe that that answers your question
OK?
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