During our class seminars we discussed a case of Spyker Cars N.V, a Netherland-based designer of luxury cars. It had its initial public offering in 2004 but delisted from the Amsterdam Stock Exchange in 2013. During the first five years as a publicly listedcompany, Spykers annual revenues went down from a maximum of 19.7 million (in 2006) to 6.6 million in 2009. In these years, Spyker produced 242 new cars (including demonstration cars) and sold 194 cars. At the end of 2009, it held 28 cars in stock. Further, in 2009 the company spent close to 9.8 million on development, which it added to its development asset of 27.3 million, and 14,000 on research. Because Spyker had been loss-making since its IPO, the car manufacturer had 97 million in tax-deductible carry-forward losses at the end of 2009.

List three key accounting policies for Spyker Cars N.V.