EXPLAIN and show how the following transactions would be reported in the financial statements During the year ended 31 March 2019, ERM capitalized development costs which satisfied the criteria of IAS 38 - Intangible Assets. The total amount capitalized was RM 1.6 million. The development project began to generate economic benefits for ERM on from 1 January 2021. The directors of ERM on estimated that the project would generate economic benefits for five years from that date. The development expenditure was fully deductible against taxable profits for the year ended 31 March 2021