Question: Development costs may be capitalized if: The entity has sufficient resources to complete the project. They relate to a clearly identifiable product. All of the

Development costs may be capitalized if: The entity has sufficient resources to complete the project. They relate to a clearly identifiable product. All of the criteria must be met. The product is technically feasible.

The presentation of intangible assets in the financial statements: Should include disclosure of the amount of amortization in the period. is the same as the presentation of property, plant, and equipment. Includes R & D costs, Involves the use of a contra-asset account.

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