The Belgium Corp. incurred $3,000,000 of research cost and $2,200,000 of development cost during 2013. Required a.

Question:

The Belgium Corp. incurred $3,000,000 of research cost and $2,200,000 of development cost during 2013.

Required
a. Determine the amount of expense recognized on the 2013 income statement assuming Belgium uses U.S. GAAP.
b. Determine the amount of expense recognized on the 2013 income statement assuming Belgium uses IFRS.