Issue Date: October 1974

Effective Date: For fiscal years beginning on or after January 1, 1975 

Affects: Amends APB 17, paragraph 6 
Amends APB 22, paragraph 13 

Affected by: Paragraph 14 superseded by FAS 71 
Paragraph 31 amended by FAS 86 

Other Interpretive Pronouncements: FIN 4 
FIN 5 (Superseded by FAS 7) 
FIN 6 
FTB 79-2 (Superseded by FAS 86) 

Issues Discussed by FASB Emerging Issues Task Force (EITF)

Affects: No EITF Issues

Interpreted by: No EITF Issues

Related Issues: EITF Issue No. 86-14

Abbreviations for Accounting Pronouncements
FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides
 

SUMMARY

This Statement establishes standards of financial accounting and reporting for research and development (R&D) costs. This Statement requires that R&D costs be charged to expense when incurred. It also requires a company to disclose in its financial statements the amount of R&D that it charges to expense. 
 

Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.