Accounting Treatment of the Development of Accounting Software Under Ind AS Framework
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- Last Updated on 10 December, 2024
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An intangible asset shall be recognized only if it is probable that the asset will generate future economic benefits for the entity, and its cost can be measured reliably.
In this story, we have discussed the accounting treatment for expenses incurred by the company during the research and development phases of internally developed accounting software. It highlights the distinction between the research and development phases, focusing on whether the costs incurred in each phase can be recognized as intangible assets. Specifically, it examines whether costs in the research phase can be capitalized and whether costs in the development phase meet the criteria for recognition as intangible assets.
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