Under both U.S.GAAP and IFRS, the firm must immediately expense all expenditures on _____.
A)research
B)development
C)nonfinancial assets
D)financial assets
E)intangible assets

Question

Quizplus · Accepted Answer

Both US GAAP and IFRS require immediate expense recognition for expenditures on research activities. This is because research costs do not result in identifiable future economic benefits and therefore do not meet the criteria for recognition as an asset.

Under Both U