International Financial Reporting Standards (IFRS)require the recording of research and development costs as follows:
A)Expense research and development costs.
B)Expense research costs and capitalize development costs.
C)Expense development costs and capitalize research costs.
D)Capitalize research and development costs.

Question

Quizplus · Accepted Answer

IFRS requires research costs to be expensed immediately as they are incurred, but development costs may be capitalized if certain criteria are met. Therefore, the best choice is to expense research costs and capitalize development costs.

International Financial Reporting Standards (IFRS)require the Recording of Research and Development