Question: IAS 38 Intangible assets explains when internally developed assets can be capitalised. Identify the criteria which must be met before development costs can be capitalised?

IAS 38 Intangible assets explains when internally developed assets can be capitalised.

Identify the criteria which must be met before development costs can be capitalised?

Explain the subsequent accounting treatment of the development asset?

IAS 37 is about Provisions, Contingent liabilities and Contingent assets.

Explain the criteria that must be met for a provision to be recognised in financial statements?

Provide an explanation and an example of a contingent liability and how it should be presented in the statement of financial position?

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