Exam 24: Financial Instruments

Wojtowicz Limited was involved in a mining exploration business. It commenced a project to design more efficient gold detecting equipment. The following expenditures occurred during the financial year ended 2013: $\bullet$ Researcher's salary £5000 $\bullet$ Research consumables £3000 $\bullet$ Re-development of the detecting equipment £4000 $\bullet$ Final adjustments to the detecting equipment £2500. The amount to be capitalised by this company as an intangible asset, for the 2013 financial year, is:

IAS 38 Intangibles, requires that the following items in relation to intangibles, each be disclosed separately:

When subsequent expenditure on intangible assets occurs the costs are:

The two key characteristics of intangible assets are that they are identifiable and that they: