Financial Accounting Standards

From the Paper:

"Background Review on the Development of Statement of Financial Accounting Standards No. 2: Accounting For Research and Development Costs
One of the first tasks undertaken by the Financial Accounting Standards Board (FASB) following its establishment in 1973 was to place "on its technical agenda a project on "Accounting for Research and Development and Similar Costs"" (Financial Accounting Standards Board, 1974, p. 9). The project was placed on the Board's technical agenda in April 1973. The Board noted that, in 1972, total research and development expenditures in the United States approximated $30 billion, of which approximately $20 billion were made by business enterprises. The remaining research and development expenditures were made by government, research universities, and..."

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