R&D costs GAAP vs IFRS
The Scott International Inc. incurred $2,500,000 of research cost and SI.700.000 of development cost during 2011.
Required
a. Determine the amount of expense recognized on the 2011 income statement assuming Scott uses U.S. GAAP.
b. Determine the amount of expense recognized on the 2011 income statement assuming Scott uses IFRS.
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