Hello Hello Limited is a company that manufactures telephones under its own brand, as well as distributing and selling other telephone brands. Recently Hello Hello has been conducting a research project to develop a mobile phone with various functions that could be used under water. The company is hiring experts from around the world and is spending a considerable amount of money to fund this project.
Required:Provide a justified opinion of whether the amount spent for the research project should be considered as an asset and recognised in the statement of financial position.

Question

Hello Hello Limited is a company that manufactures telephones under its own brand, as well as distributing and selling other telephone brands. Recently Hello Hello has been conducting a research project to develop a mobile phone with various functions that could be used under water. The company is hiring experts from around the world and is spending a considerable amount of money to fund this project. 
Required:Provide a justified opinion of whether the amount spent for the research project should be considered as an asset and recognised in the statement of financial position.

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The Answer of Hello Hello Limited is a company that manufactures telephones under its own brand, as well as distributing and selling other telephone brands. Recently Hello Hello has been conducting a research project to develop a mobile phone with various functions that could be used under water. The company is hiring experts from around the world and is spending a considerable amount of money to fund this project. 
Required:Provide a justified opinion of whether the amount spent for the research project should be considered as an asset and recognised in the statement of financial position.

Hello Hello Limited Is a Company That Manufactures Telephones Under