Which of the following statements about research and development expenditure are correct? 1 Research expenditure, other than capital expenditure on research facilities, should be recognised as an expense as incurred. 2 In deciding whether development expenditure qualifies to be recognised as an asset, one of the factor it is necessary to consider is whether there will be adquate finance available to complete the project. 3 Development expenditure recognised as an asset must be amortised over a period not exceeding five years