Under IFRS, money spent on research by companies in the biotechnology, pharmaceutical, high technology, and other industries isn t reported on the balance sheet as an asset. In your opinion, is the money companies spend on research an asset? Explain your thinking. Based on what you read in this chapter, why do you think money spent on research isn t considered an asset according to IFRS? What do you think the implications of this treatment of research costs are for stakeholders?

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