Undervalue?, page-45

"The cost is mostly included in (b) and maybe some in (e), because software improvement is considered a ongoing and integral part of daily operation."

Reporting standards require development costs to be identified as such and allocated accordingly. That's why the Appendix 4C is designed the way it is.

So that investors can see where and how their capital is being stewarded.
Instead of having to speculate about it.

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