Comment by psd1

AIUI:

- developer time is approximately fungible with money - project delivery is building a thing, that you own, and that has value, and that you will use to produce other value... - ...which can therefore be entered on the balance sheet.

I've just left a company a little after it floated. In the run-up to the float, we were directed to maximise our capital time logged. That meant any kind of feature delivery. Bugfixes were opex.

I believe this was done to grow the balance sheet and maximise market cap.