Unformatted text preview: Comparison of US GAAP and IFRS - Ch.12
Acquisition Valuation US GAAP Cost incurred subsequent to its initial recognition --> Capitalized (e.g., legal costs to defend patent) Periodic revaluation is not allowed Amortization Only intangible assets with limited lives R&D Recognize expenses excepting for future alternative uses IFRS Cost incurred subsequent to its in --> Generally expensed Revaluation to fair value of intan goodwill is allowed --> Other Comprehensive Incom Similar to US GAAP IFRS does not require to amortize costs Development costs can be capital economic feasibility of a project c accordance with specific criteria. FRS - Ch.12
IFRS ost incurred subsequent to its initial recognition -> Generally expensed evaluation to fair value of intangible assets other than oodwill is allowed --> Other Comprehensive Income (Revaluation surplus) imilar to US GAAP FRS does not require to amortize capitalized software evelopment costs can be capitalized when technical and conomic feasibility of a project can be demonstrated in ccordance with specific criteria. ...
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