Which following statements is false? U.S. GAAP requires that the costs of start-up activities be expensed as

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Question:

Which following statements is false?

U.S. GAAP requires that the costs of start-up activities be expensed as incurred.

IPR&D is initially capitalized at fair value and treated as an intangible asset with an indefinite life until the R&D activities are completed or abandoned.

U.S. GAAP requires that a company capitalize all its research and development costs as incurred.

Development is the translation of research findings into a plan or design for a new product or process or for significantly improving an existing product or process.