How does the measurement and reporting of impaired intangible assets differ between IFRS and U.S. GAAP?
Answer to relevant QuestionsNotting Hill Company incurs the following costs for R&D activities:Material used from inventory ............... $15,000Equipment purchased for R&D with no other use ....... 85,000Depreciation on building housing R&D ...Closer & Co. incurred the following costs for internal-use software: $12,000 in the preliminary stage of development, $17,000 in external direct material and service costs used in developing the internal-use software, ...On January 11, 2010, the Hughes Company applied for a tradename. Legal costs associated with the application were $20,000. In January 2011, the company incurred $8,000 of legal fees in a successful defense of its tradename. ...What does GAAP provide in reference to the measuring and reporting of leases?Assume a corporation has a deferred tax liability relating to a current asset. Compare the presentation of this amount under U.S. GAAP and IFRS.
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