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Smith Ben, the new accountant of Prospect Limited, a pharmaceutical company, is unsure about how to account for the research and development costs. He believes that all associated research and development costs should be expensed as running costs of the business and that these costs will not always results in future economic benefits flowing to the company. However, the previous accountant had capitalized costs incurred on research and development as he felt that it added to Prospect Limited's income generating structure and that this value would last for more than one period. Smith Ben has asked you for advice on this matter.
Required:
Problem 1: Write an memorandum to respond to Smith Ben query regarding how to recognize the research and development costs. Your discussion should include reference to both the Conceptual Framework and IAS 38 Intangible Assets.
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