Question: How do U.S. GAAP and International Financial Reporting Standards differ in their accounting for research and development expenditures other than software development costs? Please differentiate

How do U.S. GAAP and International Financial Reporting Standards differ in their accounting for research and development expenditures other than software development costs?

Please differentiate between activity-based and time-based cost allocation methods. What would be an appropriate asset to use for each method?

What is a lump-sum purchase? How do we account for the lump-sum purchases of a group of long-term assets?

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