ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory
Internally
generated intangible assets (development costs)
Expenditure
on the research phase of an internal project is recognised as an expense in the period in which it is incurred. Development costs
incurred on specific projects are capitalised when all the following conditions are satisfied:
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· |
Completion
of the asset is technically feasible so that it will be available for use or sale |
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· |
The
Group intends to complete the asset and use or sell it |
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· |
The
Group has the ability to use or sell the asset and the asset will generate probable future economic benefits (over and above
cost) |
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· |
There
are adequate technical, financial and other resources to complete the development and to use or sell the asset, and |
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· |
The
expenditure attributable to the asset during its development can be measured reliably. |
Judgement
is applied when deciding whether the recognition criteria are met. Judgements are based on the information available. In addition,
all internal activities related to the research and development of new projects are continuously monitored by the Directors.
The Directors consider that the criteria to capitalise development expenditure are not met for a product prior to that product
receiving regulatory approval in at least one country.
Development
expenditure not satisfying the above criteria, and expenditure on the research phase of internal projects are included in research
and development costs recognised in the Consolidated Statement of Comprehensive Income as incurred. No projects have yet reached
the point of capitalisation.