Paragraph 11 Development costsI1
United Kingdom
(1)
Notwithstanding that amounts representing “development costs” may be included under Asset item D in Parts I and II of Schedule 2, an amount may only be included in a society’s balance sheet in respect of development costs in accordance with generally accepted accounting principles.
(2)
If any amount is included in a society’s balance sheet in respect of development costs, the following information shall be given in a note to the accounts—
(a)
the period over which the amount of those costs originally capitalised is being or is to be written off, and
(b)
the reasons for capitalising the development costs in question.
Annotations
Commencement
- I1
Sch. 7 para. 11 in force at 27.3.1998, see reg. 1