According to the definition provided in AASB 138 Intangibles,activities undertaken in the 'research' phase of the generation of an asset may include:
A)the application of knowledge to a design for the production of new materials
B)original and planned investigation with the prospect of gaining new scientific knowledge
C)the use of research findings to create a substantially improved product
D)using knowledge to materially improve a manufacturing device.

Question

Quizplus · Accepted Answer

According to AASB 138, activities in the research phase are "original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding." Choice A, C, and D are all activities that would fall under the development phase where the research findings are put into practice to create new or improved assets.

According to the Definition Provided in AASB 138 Intangibles,activities Undertaken