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can I capitalize a website development cost?

We have developed a new company website which has cost over $50,000/= for planning, designing, content writing & photography. Can we capitalize these costs as per IFRS?

asked Feb 9, 2013 in IAS 38 - Intangible Assets by AnaY Level 2 Member (3,240 points)
retagged Feb 16, 2013 by Visio

1 Answer

0 votes
You can capitalize as an intangible asset if you can meet IAS 38 requirements. Generally if you can demonstrate that the website was developed solely or primarily for promoting and advertising your products and services and it will generate probable future economic benefits, you can capitalize. Refer to SIC 32of IAS 38 which discusses on website development costs.
answered Feb 9, 2013 by anonymous