Recognition of intangible assets requires identifiability, control and probable future economic benefits before capitalisation. The Standard requires an enterprise to recognise an intangible asset only if it is identifiable, controlled and expected to generate probable future economic benefits and its cost can be measured reliably. Research phase expenditures are expensed; development phase costs are capitalised only if six criteria (including technical feasibility, intent, ability to use or sell, probable benefits, available resources and reliable cost measurement) are all satisfied. After initial recognition, intangibles are carried at cost less accumulated amortisation and impairment, with a rebuttable presumption that useful life will not exceed ten years.