• 2024 Issued Standards – SIC 32
  IFRIC and SIC Interpretations are available in the 2024 Issued Standards, which include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards. This version does not include additional documents that accompany the full standards (such as illustrative examples, implementation guidance and basis for conclusions).

SIC 32 concludes that an entity’s own web site that arises from development and is for internal or external access is an internally generated intangible asset that is subject to the requirements of IAS 38.

The interpretation identifies four stages of the development of a website and clarifies the accounting treatment of costs at each stage:

• Planning costs should be expensed as incurred.
• Subject to certain conditions, costs associated with the application and infrastructure development stage should be capitalised as an intangible asset.
• Content development costs should be expensed as incurred.
• Operating costs should be expensed as incurred.

• IFRS 3 Business Combinations
• IFRS 15 Revenue from Contracts with Customers
• IFRS 16 Leases
• IAS 1 Presentation of Financial Statements
• IAS 2 Inventories
• IAS 16 Property, Plant and Equipment
• IAS 36 Impairment of Assets
• IAS 38 Intangible Assets