AASB 138 Intangibles, defines the 'research' phase of the generation of an asset as:
A) the use of research findings to create a substantially improved product.
B) using knowledge to materially improve a manufacturing device.
C) the application of knowledge to a design for new production processes.
D) original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge or understanding.

Question

Quizplus · Accepted Answer

AASB 138 defines the 'research' phase as "original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge or understanding." Choices A, B and C describe the 'development' phase which follows the research phase.

AASB 138 Intangibles, Defines the 'Research' Phase of the Generation