SIC32 BV2009 - SIC-32 SIC Interpretation 32 Intangible...

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SIC-32 SIC Interpretation 32 Intangible Assets—Web Site Costs This version includes amendments resulting from IFRSs issued up to 31 December 2008. SIC-32 Intangible Assets—Web Site Costs was developed by the Standing Interpretations Committee and issued in March 2002. Since then, SIC-32 has been amended by the following IFRSs: IAS 16 Property, Plant and Equipment (as revised in December 2003) IFRS 3 Business Combinations (issued March 2004) IAS 1 Presentation of Financial Statements (as revised in September 2007). * * effective date 1 January 2009 © IASCF 1
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SIC-32 SIC Interpretation 32 Intangible Assets—Web Site Costs (SIC-32) is set out in paragraphs 7–10. SIC-32 is accompanied by a Basis for Conclusions and an appendix illustrating the application of the Interpretation. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards . 2 © IASCF
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SIC-32 SIC Interpretation 32 Intangible Assets—Web Site Costs References IAS 1 Presentation of Financial Statements (as revised in 2007) IAS 2 Inventories (as revised in 2003) IAS 11 Construction Contracts IAS 16 Property, Plant and Equipment (as revised in 2003) IAS 17 Leases (as revised in 2003) IAS 36 Impairment of Assets (as revised in 2004) IAS 38 Intangible Assets (as revised in 2004) IFRS 3 Business Combinations Issue 1 An entity may incur internal expenditure on the development and operation of its own web site for internal or external access. A web site designed for external access may be used for various purposes such as to promote and advertise an entity’s own products and services, provide electronic services, and sell products and services. A web site designed for internal access may be used to store company policies and customer details, and search relevant information. 2 The stages of a web site’s development can be described as follows: (a) Planning – includes undertaking feasibility studies, defining objectives and specifications, evaluating alternatives and selecting preferences. (b) Application and Infrastructure Development – includes obtaining a domain name, purchasing and developing hardware and operating software, installing developed applications and stress testing. (c) Graphical Design Development – includes designing the appearance of web pages. (d) Content Development – includes creating, purchasing, preparing and uploading information, either textual or graphical in nature, on the web site before the completion of the web site’s development. This information may either be stored in separate databases that are integrated into (or accessed from) the web site or coded directly into the web pages. 3
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SIC32 BV2009 - SIC-32 SIC Interpretation 32 Intangible...

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