The increased acceptance of IFRS has caused costs associated with internally generated intangible assets to be capitalized under U.S. GAAP.

Question

Quizplus · Accepted Answer

The increased acceptance of IFRS (International Financial Reporting Standards) does not change how costs associated with internally generated intangible assets are accounted for under U.S. GAAP (Generally Accepted Accounting Principles). U.S. GAAP and IFRS have different rules for capitalizing these costs, and the acceptance of IFRS globally does not directly impact U.S. GAAP rules.

The Increased Acceptance of IFRS Has Caused Costs Associated with Internally