Research & development: Difference between revisions
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imported>Doug Williamson (Expand definition - source - linked pages.) |
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Discovering new knowledge about products, processes, services and applying this knowledge to create new and improved products, processes, and services to fulfill market needs. | Discovering new knowledge about products, processes, services and applying this knowledge to create new and improved products, processes, and services to fulfill market needs. | ||
The phases of a project generally include: | |||
:(1) Research. | |||
:(2) Development. | |||
:(3) Commercial production or use of the new or improved items in the market. | |||
Financial reporting standards generally require all ''research'' costs to be expensed. | |||
Certain ''development'' costs are capitalised. | |||
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== See also == | == See also == | ||
* [[Capitalise]] | * [[Capitalise]] | ||
* [[Development]] | |||
* [[Expense]] | * [[Expense]] | ||
* [[FRS 102]] | * [[FRS 102]] | ||
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* [[Intellectual property]] | * [[Intellectual property]] | ||
* [[Proof of concept]] | * [[Proof of concept]] | ||
* [[Research]] | |||
* [[Reserve cash]] | * [[Reserve cash]] | ||
Revision as of 08:23, 21 March 2022
(R & D).
Discovering new knowledge about products, processes, services and applying this knowledge to create new and improved products, processes, and services to fulfill market needs.
The phases of a project generally include:
- (1) Research.
- (2) Development.
- (3) Commercial production or use of the new or improved items in the market.
Financial reporting standards generally require all research costs to be expensed.
Certain development costs are capitalised.
Relevant accounting standards include IAS 38 and Section 18 of FRS 102.
