Consider differences between U.S. GAAP and IFRS with respect to the valuation/reporting of tangible and intangible assets on the balance sheet, subsequent to acquisition. Concisely address the following three questions:

1. Describe the applicable valuation principle(s) consistent with U.S. GAAP?

2. Describe the applicable valuation principle(s) consistent with IFRS.

3. Explain which set of accounting standards (U.S. GAAP or IFRS) may result in a greater amount reported on the balance sheet of a hypothetical company? Explain your answer and the underlying assumption.