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How important is R & D to a firm?
Member rating: No Rating | Words: 789 | Submitted: Mon Sep 17 2007
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How Important is Research and Development to a Firm? R&D can be defined as any project to resolve scientific or technological uncertainty aimed at achieving an advance in science or technology. Advances include new or improved products, processes and services. In the UK, the accounting definition of R&D is contained in the Statement of Accounting Practice (SSAP) 13 and for international companies, International Accounting Standard (IAS 38) both of which are based on the OECD 'Frascati' manual. This definition is modified for tax purposes by the guidelines on the meaning of R&D for tax purposes issued by the Secretary of State for Trade and Industry. Although the UK has a strong science base, UK businesses as a whole invest less in R&D than their main international competitors. Business R&D has increased in real terms in recent years, but has not risen as a share of UK national wealth as measured by GDP....
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