Assess the key differences between U.S. GAAP and IFRS' positions on research and development cost, indicating which

Question:

Assess the key differences between U.S. and IFRS' positions on research and development cost, indicating which of the two you believe provides the most detailed and accurate financial information on research and development cost. Provide support for your rationale. Analyse the benefits and drawbacks of recording depreciable assets of subsidiaries at either net fair value or gross fair values. Select a method that would be appropriate for a manufacturing company. Provide support for your rationale.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...