According to IAS 38 Intangible assets, which of the following statements concerning the accounting treatment of research and development expenditure are true? 1 If certain criteria are met, research expenditure may be recognised as an asset. 2 Research expenditure, other than capital expenditure on research facilities, should be recognised as an expense as incurred. 3 In deciding whether development expenditure qualifies to be recognised as an asset, it is necessary to consider whether there will be adequate finance available to complete the project. 4 Development expenditure recognised as an asset must be amortised over a period not exceeding five years. 5 The financial statements should disclose the total amount of research and development expenditure recognised as an expense during the period.