UK Accounting Glossary
Research and development is a phrase used to describe the activities associated with the creation or discovery of new processes, methods, products and/or services and using the newly discovered knowledge to fulfil a market need or demand. Techniques that involve science, technology and mathematics are used in research and development. Businesses, educational facilities and government agencies usually establish specialized research and development centres or departments. Organizations often devote a specific percentage of their annual budgets to research and development. The allocation of research and development funds varies from business to business and from industry to industry. There are two primary types of research and development: basic and applied. Basic research and development does not involve a specified commercial or profit-oriented objective, while applied research and development does. Research and development is also known as R and D or R&D.
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This glossary post was last updated: 6th February 2020.