According to IAS 38 Intangible assets, which of the following statements about research and development expenditure are correct?
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Research expenditure, other than capital expenditure on research facilities, should be recognised as an expense as incurred.
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In deciding whether development expenditure qualifies to be recognised as an asset, it is necessary to consider whether there will be adequate finance available to complete the project.
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Development expenditure recognised as an asset must be amortised over a period not exceeding five years.
A. 1, 2 and 3
B. 2 and 3 only
C. 1 and 3 only
D. 1 and 2 only
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