Which of the following is not true in comparing U.S.GAAP and International Financial Reporting Standards (IFRS)?
A)IFRS and U.S.GAAP both allow intangible assets to be reported at their cost minus accumulated amortization.
B)U.S.GAAP requires expensing of all costs of research and development.
C)IFRS allows for adjustments for increases in fair value of tangible assets.
D)IFRS requires capitalizing of research costs and expensing of development costs.

Question

Quizplus · Accepted Answer

Under IFRS, research costs are expensed as incurred, similar to U.S. GAAP, but development costs can be capitalized if certain criteria are met, not the other way around.

Which of the Following Is Not True in Comparing U