[Verse 1] When an asset has no physical form But brings future benefits to your door Three criteria must align in place Recognition gets its rightful space Identifiable and controlled by you Future economic benefits flow through Cost can be measured reliably too IAS thirty-eight will see you through [Chorus] I-D-C that's the key Identifiable, controlled, and measurably R-and-D tell the story straight Research costs we never capitalize, that's fate Development only when criteria's met Amortize finite, indefinite forget [Verse 2] Research phase seeking knowledge new Expensed immediately, that's what we do No future benefits can be shown So research costs are never grown But development's a different game When technical feasibility you can claim Intention and ability to complete and use Commercial viability you cannot lose [Chorus] I-D-C that's the key Identifiable, controlled, and measurably R-and-D tell the story straight Research costs we never capitalize, that's fate Development only when criteria's met Amortize finite, indefinite forget [Bridge] Six criteria for development's gate Technical feasibility, don't be late Intent to complete and use or sell Resources to finish, do it well Demonstrate the benefits will flow Expenditure measured, let it show All six together, then capitalize Otherwise expense it, that's the prize [Verse 3] Finite life assets amortize each year Systematic allocation, crystal clear Residual value, useful life in mind Straight line or usage, method you'll find But indefinite life assets stand apart No amortization, that's their art Annual impairment testing required instead Keep their value current, move ahead [Chorus] I-D-C that's the key Identifiable, controlled, and measurably R-and-D tell the story straight Research costs we never capitalize, that's fate Development only when criteria's met Amortize finite, indefinite forget [Outro] IAS thirty-eight shows the way Intangible assets, clear as day From recognition through to end These rules will always be your friend
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