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Case study 6.

Case study 6.1 – Research and development

On 29 April 2014, Lockheed Martin posted an announcement on its website in relation to achieving a significant milestone in research and development for unmanned technologies. The announcement inclued the following:

Three systems acquired by Lockheed Martin [NYSE: LMT] have progressed from their research and development phase to operational readiness. The Indago vertical take-off and landing (VTOL) quad-rotor, accompanied by its handheld ground control station (GCS) will offer a robust, mobile surveillance application. Additionally, a new Commercial Avionics Suite delivers the same performance and reliability that customers have enjoyed with the previous products but at a new low price.

‘After two years of developing these capabilities, we will now be able to deliver affordable and effective products to both military and commercial customers,’ said Kevin Westfall, director of unmanned solutions at Lockheed Martin’s Mission Systems and Training business. ‘The Indago VTOL, handheld GCS and advanced Commercial Avionics Suite will provide mobility and high accuracy for a range of missions – now and in the future.’

Required:

In accounting for internally generated intangible assets it is necessary to distinguish between the research phase and the development phase of a project. Discuss the difference between these two phases, and the accounting for outlays incurred in the two phases.

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