Hi Whartanto
I don't think you've read the full story.
They capitalise it all and amortise an amount each year is how I see it.
Look at Note 8 and you can see the net effect is for an increase in development in the Blance Sheet from 20.2 to $20.8m. ie they've expensed nett all the development except for $0.6m.
Like you, I prefer an expensing straight off as it occurs rather than give the chance to manipulate profit by changing amortisation. But overall, probably not too bad.
I've certainly seen worse!
anyone else found dec'11 report alarming?, page-2
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