A small company is designing a medical monitoring application. In February, a prototype demonstrates technical feasibility. In May, the board approves the completion and marketing of the project, a market study documents the outlets and time tracking allows costs to be attributed to the project reliably. However, the financing needed to complete the development is obtained only in September, when a bank loan is signed; no agreement or indication of financing existed before September. Marketing begins in January of the following year. From when is the development expenditure capitalised?