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ASSET VALUATION FOR RESEARCH AND
DEVELOPMENT PURPOSE
ABSTRACT
One of the
primary in strive of assets valuation for research and development is to
provide data on how to recognize long lived assets and distinguish between the
two different types, tangible between the two different types, tangible and
intangible and to control to use for internal control over research and
development cost, those are of interest to various groups e.g. government
sector, private sector e.t.c.
Chapter one and two contains the
introductory and literature review relevant to the research while chapter three
is the conclusion and also the definition of terms used by the researcher in
the research work.
CHAPTER ONE
INTRODUCTION
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.
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