AASB 138 Defines Development As

AASB 138 defines development as:

A) the activities undertaken with specific commercial objectives, including original research, to develop plans or designs for new products or significant improvements to existing products.
B) the application of research findings or other knowledge to a plan or design for the production of new or substantially improved material, devices, processes, systems or services prior to the commencement of commercial production or use.
C) the activities undertaken to translate research findings into feasible projects for subsequent development for commercial objectives such that the recoverable amount is expected to be greater than the cost.
D) the activities undertaken with the expectation by management that future economic benefits in the form of new products or improvements to existing products are likely to result, based on research completed to date.

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