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· Travel costs incurred by employees in their duties directly associated with <br /> development <br />· Payroll and payroll-related costs of employees directly associated with or <br /> devoting time in coding, installing, or testing <br />· Costs to develop or obtain software that allows for access or conversion of <br /> old data by new information systems <br /> <br />Note: Upgrades and enhancements should be capitalized only to the extent that <br />they increase the functionality of the product. <br /> <br />Leased Equipment <br />Equipment should be capitalized if the lease agreement meets any one of the <br />following criteria: <br /> · The lease transfers ownership of the property to the lessee by the end of <br /> the lease term. <br /> · The lease contains a bargain purchase option. <br /> · The lease term is equal to 75% or more of the estimated economic life of <br /> the leased property. <br /> · The present value of the minimum lease payments at the inception of the <br /> lease, excluding executory costs, equals at least 90% of the fair value of <br /> the leased asset. <br /> <br />Leases that do not meet any of the above requirements should be recorded as an <br />operating lease and reported in the notes of the financial statements. <br /> <br /> <br />