The development period generally relates to activity and expenditure that occurs before a decision is made as to whether or not the project will be commissioned. If the production does not proceed, the Accountant’s responsibility is to ensure that a detailed and documented record of all income and expenditure (incurred or committed) is prepared and approved.

However, if the production is commissioned, consideration should be given to other possible development periods relating to the same project which need to be included. Such costs may have been processed through different sources, bank accounts etc. It is important therefore to ensure that these are all identified and are accurately reflected in both the eventual production budget and cost report.