Blanco Chemical Company spent 15,000,000 in development efforts to create a fertilizer for which it was able to obtain a patent; however, the expected distribution costs make it infeasible to market the chemical in the foreseeable future. According to IAS 38 (Intangible Assets), how should Blanco Chemical Company record the 15,000,000?

As a "Deferred Development Cost" on the Balance Sheet

As "Fertilizer Revenue" on the Income Statement

As "Development Expense" on the Income Statement

It should only be reported in the notes to the financial statements.