U.S.GAAP requires that virtually all costs incurred for research and development of an internally generated patent be

Question

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U.S.GAAP requires that virtually all costs incurred for research and development of an internally generated patent be expensed. That means the costs should be recognized as an expense on the income statement in the period they are incurred rather than capitalized as an asset on the balance sheet.

USGAAP Requires That Virtually All Costs Incurred for Research and Development