There are no significant differences between GAAP and IFRS with regards to the accounting for tangible and intangible assets.

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IFRS differ from GAAP somewhat in accounting for tangible and intangible assets.GAAP requires tangible and intangible assets to be recorded at cost and not revalued for later increases in asset values.In contrast,IFRS allow companies the option of reporting these assets at fair values (e.g. ,appraisals),provided they use the fair value method consistently each year.IFRS also require companies to capitalize costs of developing intangible assets,such as prototypes for making new products or tools.GAAP generally requires that such development costs be expensed because of the uncertainty of their value.

There Are No Significant Differences Between GAAP and IFRS with Regards