Amounts spent on intangible assets cannot be capitalised if they have previously been expensed.

Question

Quizplus · Accepted Answer

Once an intangible asset has been expensed, it cannot be capitalized and included in the balance sheet as an asset. This is because accounting rules require that expenses be recognized in the period they are incurred, while the capitalization of assets requires that they be recognized as an asset on the balance sheet. Therefore, if an intangible asset has already been expensed, it cannot be capitalized later.

Amounts Spent on Intangible Assets Cannot Be Capitalised If They