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Future Plus Ltd is a biotechnology company that was listed on the Australian Securities Exchange on 1 July 2018 following a very successful initial public offering of shares. The company is involved in research and the commercialisation of recent medical breakthroughs.

Its managing director is Professor Tony Theodore, a world-renowned figure in medical and biotechnology research. The board of directors of Future Plus Ltd is about to discuss the preparation of financial statements for the company’s first year of operations (year ended 30 June 2019).

The managing director has put forward the following views about the Company’s financial statements:

• The entire company and its staff, whether security officers, secretaries or researchers, is focused on the company’s mission of commercialising research. Hence, the entire $30 million of non-capital spending during the year has contributed to the development of intellectual capital in the company.

As the market value of the company ($250 million) far exceeds the company’s book value, it is clear that all expenditures in the current year have added value to the company and should be capitalised as intellectual capital. The managing director expects further market value increases in the future and thus sees no reason for any amortisation of these capitalised amounts.

• The company is currently working on three research projects, and expenditures directly related to these projects total $18 million. Despite some setbacks on one project, the managing director is ‘supremely confident’ that all projects will be brought to a successful conclusion. As yet, no projects have reached the stage of starting commercial production.

Required:

Write a brief report to the board of directors evaluating the managing director’s views in light of relevant accounting standards.

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