Accounting Theory and Current Issues Bio Sustainable Feeds Ltd. Austr

Question: Describe about the Accounting Theory and Current Issues for Bio Sustainable Feeds Ltd. Australia. Answer: Problems with the early research of BSF Ltd The early research conducted by Bio Sustainable Feeds Ltd. is mainly to explore the feeds for fish from some plant based products in the form of canola, corn, soya bean, sunflower etc. The company had put effort and money in this research. The cost of the research had amounted to AUD 360 million. But the amount spent of AUD 120 million did not give expected level of result. The research had been done on the high value fishes like tuna, salmon, trout etc. The rte of growth with this feed is not reaching the expected level for which the money had been spent on research. Thus the objective of this research had been failed(Chung, 2016). The earlier research such conducted had tow-fold objectives- a) the environment is to be secured with the products used as ingredients as earthly items, b) the standard return expected from the research in perspective of the growth of the fishes which are fed with the newly evolved feed. As the second criterion is not achieved, it is bit difficult for the management to justify the outcome of the research and following development of the research. Development is second part of a successful research when it is going to be implemented. The justification of any research is to be asses through monetary terms with costs incurred and return generated. In this case the expected return of the growth of the fishes on which the research had been done, did not meet the level of expectation and the research had faced a setback. There lies the problem of the early researches undertaken by BSF on the fish feed from eco- friendly ingredients(Lothe, 2013). Difference between research and development- definition and discussion We are accustomed with the terms Research and Development to be uttered in one breath as R D. But these are two different words with different meaning and consequences. Research comes first as an effort to innovate new concepts or products while development comes afterwards when the research result is being publicised. The world-wide accepted definition of Research and Development had been evolved by Frascuti Manual 6th edition chapter 2, pages 30-48 which emphasizes that any type of activities which is powered with the nature of creativity carried away with systematic process to increase knowledge store with the inclusion of knowledge of human with the cultural part of the society and forced by the goal of deploying that knowledge for new application (Goldense, 2015). The term R D is covering the areas of action consisting of basic research, applied research and experimental development. There are situations which do not include as R D as per Frascati Manual. They are specified as standard testing process of for analysis of goods, components, finished goods, adoption of process management, studies undertaken to find out the feasibility, standard development of software and data collection for standard reason, but to honour PhD as an exception to be reckoned as the definition of research. The nature of research is continuous process with the character of analog and not digital in nature. Research is segmented in the road spectrum of definition as per Frascuti Manual as basic research, applied research and advanced development as they represent the basic concept of research with development for escalation of knowledge and apply that for different causes of mankind irrespective of nature of good or bad for mankind. The research taken over by BSF Lt d is of applied research in nature and the respective advanced development related to this effort is diagnosed for the fish feed with environment as key objective for the purpose (Ox, 2015). References Chung, E. (2016, March 23). Shift to plant-based fish feed could hurt health, environment. Retrieved September 18, 2016, from Cbc: https://www.cbc.ca/news/technology/aquaculture-feed-1.3262922 Goldense, B. L. (2015, 02 24). The Difference Between Research and Development. Retrieved 09 13, 2016, from https://www.rdmag.com/: https://www.rdmag.com/article/2015/02/difference-between-research-and-development Lothe, R. (2013, March 27). Fish feed-research may help reduce world hunger. Retrieved September 18, 2016, from sciencenordic: https://sciencenordic.com/fish-feed-research-may-help-reduce-world-hunger Ox. (2015, 04). Research and Support. (u. o. Oxford, Producer) Retrieved 09 18, 2016, from www.admin.ox.ac.uk: https://www.admin.ox.ac.uk/researchsupport/applying/frascati/