Which of the following statements is correct?(a) Both IFRS and GAAP permit revaluation of property, plant, and equipment and intangible assets (except for goodwill).(b) GAAP permits capitalization of development costs.(c) IFRS requires capitalization of research and development costs once economic viability is met.(d) IFRS requires capitalization of development costs once economic viability is met.

IFRS GAAP and U.S. GAAP agree most of the time. In which instance might their  disagreement have a big impact on an investment decision?   A. revenue recognition  B. goodwill  C. plant, property and equipment  D. accelerated depreciation

What is the meaning of the following:- IAS 40 paragraph 32A, An entity may: (a)  choose either the fair value model or the cost model for all investment property backing liabilities that pay a return linked directly to the fair value of, or returns from, specified assets including that investment property; and (b)  choose either the fair value model or the cost model for all other investment property, regardless of the choice made in (a).

Determine the initial cost of property, plant, and equipment and intangible assets acquired in exchange for equity securities or through donation.

TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.

Do you AGREE or DISAGREE with the following statement?       A firm which wants to MAXIMIZE Net Income subsequent to a business combination may want to allocate as much of the purchase price as possible to Intangible Assets that have an indefinite useful life.         Please circle either AGREE or DISAGREE, and BRIEFLY support your answer