The essence of this topic is to trace the need of assets for research in the achievenment of development
In most organization and institution there is research and development units. This is due to the emphasis laid on technology growth by federal government. The research carried out by these unit’s vary from one institution to another this may fall under industrial research agricultural research scientific research food research, market research etc.
These type of research may come under what standard statement of accounting practice grouped as the main basic types of research. Due to these research which are being carried out by different organization a lot of benefit has accrued to have a conventional method for reporting research and development expenditures.
The first standard on accounting treatment of research and development expenditure it known as statement of financial standard twelve (DFS)12 was issued in USA in 197A.
In January 1985 the accounting standard committee also published exposure draft 12 (ED)12 accounting for research and development expenditure in (GD)1A expenditure on pure and applied research was considerated to be part of continuing operation which required to maintain a company business and its competitive position. These two standard DSF 12 and ED1A required expenditure whether pure or applied should be accounting with comparative minor exception. The standard did recognize that a case could be made for capitalizing development expenditure, but it concluded that uncertainties were too great. The exposure draft ended in April 1885 but a last later in 1986 a revised expenditure draft came into being that development expenditure could be matched clearly to future benefit which were reasonably certain.
In December 1987 stadard statement of accounting practice appeared essentially the same as ED1A but with some important different of which one instead of requiring companines to compulsory before the expensing of certain development expenditure it allowed them on option via.
1.1 STATEMENT OF PROBLEM
In recent years government has participated actively in caring out research projects. This is in order to realized its objective of making the country self sufficient and to increase the technological growth of the nation.
Considering these research range from scientific and material research e.t.c. the most current ones are the production of palm kernel, cracking madding garri pealing frying machines, and extraction of Soya beans milk.
Another problem to time topic is to identify the prudent procedures for fund allocation to research and development institution in carrying out such research.
Furthermore the problem of that research work show’s the assets that constitute plant property, equipment of the institute that carrying such property and equipment of the institute carrying out the research.
Research institution are sometimes over loaded with a lot of financial burden and such are confused on which of the hand development cost.
Accounting treatment of research and development cost is also too controversies thereby having the problem of giving the general accepted standard in order to alleviating such problem.
1.2 OBJECTIVES OF THE STUDY
The study is intended in order to find the following
vHow it recognizes long tired assets and distinguishes between the two types of asset which know as tangible and intangible assets.
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS
AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)
CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »
A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »
AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)
HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »
APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA
2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA
ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »
ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)
THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »
What are looking for today?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
77,125 people found this useful
IMPACT OF E-LEARNING ON THE ACADEMIC PERFORMANCE OF UNDERGRADUATE STUDENTS (A CASE STUDY OF NATIONAL...
57,087 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
53,675 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
51,727 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
49,922 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
46,948 people found this useful