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[Title] Dealing with R& D Expenses [Download] Download pdf fileR&Dconv.xls: Convert R&D from operating to capital expense [Description] 
Accounting standards in the United States and in much of the rest of the world require that R&D be expensed. Since these are expenses that are designed to generate future growth, it is much more logical to treat them as capital expenditures. In this paper, we explore ways in which R&D expenses can be capitalized and the implications for earnings, cash flows, valuations and multiples.
Value Investing: Timeless Reading
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