Which of the following statements regarding AASB 138 is incorrect?
A)it requires expenditure on research or on the research phase of an internal project must be expensed when incurred
B)it specifically prohibits the recognition of internally generated brands,mastheads,publishing titles,customer lists and items similar in substance as intangible assets
C)it allows,in certain circumstances,the recognition of an intangible asset arising from development or from the development phase of an internal project
D)it allows expenditure on research or on the research phase of an internal project to be capitalised as an asset subject to certain criteria

Question

Quizplus · Accepted Answer

AASB 138 requires that expenditure on research or the research phase of an internal project must be expensed when incurred and does not allow such expenditure to be capitalised.

Which of the Following Statements Regarding AASB 138 Is Incorrect