CERTYNEX IFRS ACADEMY

To recognise an intangible asset arising from the development phase, which of the following must the entity demonstrate?

That the product has already been sold to at least one customer.

The technical feasibility of completing the asset.

Its intention to complete the asset and use or sell it.

That the research phase lasted less than one financial year.

The availability of technical, financial and other resources to complete the development.

Its ability to measure reliably the expenditure attributable to the asset during its development.