Six criteria must all be satisfied for an expenditure to qualify as a development cost and be…

Six criteria must all be satisfied for an expenditure to qualify as a development cost and be eligible for capitalization. Required: Identify each of the six criteria and explain why each one is essential for the classification of an expenditure to qualify as a development cost and therefore be eligible for capitalization. Continue by explaining why the absence of the identified criteria undermines the classification of the expenditures as an asset.

 

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