U.S.GAAP and IFRS require firms to treat some or all expenditures made to internally develop brand names, customer lists, new technologies, and other intangibles
A)at fair value.
B)as expenses in the period of the expenditure.
C)as capitalized assets without amortization because of infinite lives.
D)as capitalized assets with amortization over the finite lives.
E)as capitalized assets tested annually for impairment.

Question

Quizplus · Accepted Answer

Both U.S. GAAP and IFRS generally require that expenditures for internally developed intangibles, such as brand names and customer lists, be expensed in the period they are incurred, rather than capitalized.

USGAAP and IFRS Require Firms to Treat Some or All