In: Accounting
1. Explain the difference between ‘research’ and ‘development’ in the context of AASB 138 Intangible Assets without examples.
2. Discuss whether integrated reporting can enhance the current reporting requirements for intangible assets.
1.
Research:Research is the original and planned investiagtion undertaken with the prospect of gaining new scientific or technical knowledge and understanding.
Development:It is the application of several finding or other knowledge to a plan or design for the production of new or substantially improved material ,device ,product,process,system or service before the start of commercial production or use.
2.
Yes Integrated Reporting can enhance the current reporting requirements for intangible assets because