Question: Can development costs initially expensed be subsequently recognised as an intangible asset? Explain your answer.

Can development costs initially expensed be subsequently recognised as an intangible asset? Explain your answer.

Step by Step Solution

★★★★★

3.49 Rating (149 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Paragraph 71 of AASB 138IAS 38 states expenditure on an intangible item that ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Financial Reporting Questions!

Q:

The growth of international activities has been rapid over time. These activities include areas of international trade, international investment, international bond and equity offerings, capital...

Q:

The mat foundation shown below will support four grain silos. These are cylindrical structures used to store grain. Each of the silos has an empty weight of 29 MN, and can hold up to 110 MN of grain....

Q:

Required: (a) Using basic accounting principles as a guide, provide arguments to support (i) THE IASB approach for reporting R&D costs, and (ii) the FASB approach for reporting R&D costs . (b) In...

Q:

Part B Read and understand the following audit process and brief note during the audit, and answer the following questions. (They are not related to one another) (i) During the year 2019, Imani & Co....

Q:

A report examine theprovisions and contingencies in two different company, one is Rheinmetall AG aapliesGerman local GAAP, another is GentrackGROUP LIMITED appliesInternational Financial Reporting...

Q:

Please answer, will rate thumbs up after. Thanks. #1. Which of the following costs are directly attributable to the cost of an internally generated intangible asset? Select all that apply. A. Costs...

Q:

I want to acknowledge how website costs of an entity are recorded under SIC 32 in the books of the firm and all the relevant matters concerning the topic. Can you please provide me with a significant...

Q:

I want to acknowledge how website costs of an entity are recorded under SIC 32 in the books of the firm and all the relevant matters concerning the topic. Can you please provide me with a significant...

Q:

I want to acknowledge how website costs of an entity are recorded under SIC 32 in the books of the firm and all the relevant matters concerning the topic. Can you please provide me with a significant...

Q:

I want to acknowledge how website costs of an entity are recorded under SIC 32 in the books of the firm and all the relevant matters concerning the topic. Can you please provide me with a significant...

Q:

An insurance company insured 2000 scooter and 3000 motorcycles and the probability of an accident involving Scooter is 0.01 and that of motorcycle is 0.02. An insured vehicle met accident. Find:...

Q:

Obtain and expression for the fraction of a complete period that a simple harmonic oscillator spends within a small interval x at a position x. Sketch curves of this function versus x for several...

Q:

*E6.22 (LO 6) (Petty Cash) McMann, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month...

Q:

Which strategy works best if a bidding war erupts?

Q:

Oil and gas companies must disclose quantity estimates for proved oil and gas reserves and the major factors causing changes in these resource estimates. Briefly indicate why this disclosure can be...

Q:

For oil and gas companies, there is the potential for a significant difference between the reported income and cash flows from operations. Comment.

Q:

In a transportation firm, what types of things will change operating revenues? Operating expenses?

Q:

Your aunt offers you a choice of $20,100 in 20 years or $870 today. If money is discounted at 17 percent, which should you choose?

Q:

The Payment Services Directive 2 (PSD2) is a European regulation for electronic payments services. The purpose of the PSD2 is to regulate the emerging payment services industry and increase...

Q:

Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2017, when Scenic had a net book value of $430,000. Any excess fair value was assigned to...