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Posted: July 10th, 2024
Assignment #1: Research and Development at Thomas Company
Assignment #1:
Research and Development at Thomas Company
The Thomas Company is in the process of developing a
revolutionary new product. A new division of the company was formed to develop,
manufacture, and market this product. As of the end of the year December 31,
2010, the product has not been manufactured for resale; however, the prototype
unit was built and is in operation. Throughout 2010, the division incurred
certain costs including design and engineering studies, prototype manufacturing
costs, administration expenses (including salaries of administrative
personnel), and market research costs. In addition, $500,000 in equipment
(estimated useful life of 10 years) was purchased for use in developing and
manufacturing the preproduction prototype and will be used to manufacture the
product. Approximately $200,000 of this equipment was built specifically for
the design and development of the product; the remaining $300,000 of equipment
will be used to manufacture a product once it is in commercial production.
Required:In the U.S. (SFAS
No. 2), development costs are expensed but under the IFRS (IAS 38), many
development costs are capitalized. Judge and support which treatment adheres
best to the matching principle, basic to the conceptual frameworks of both U.S.
GAAP and IFRS.
Your well-written paper must be 2-3 pages, in addition to
title and reference pages. The paper should be formatted according to theAPA
Requirements and include your in-text citation. Cite at least two
peer-reviewed sources
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