Briefly describe how the accounting for intangibles differs under IFRS. To answer this look under IAS 38, the standard pertaining to intangible assets. In particular, explain the accounting for internally-generated intangibles under IAS 38.
When it pertains to
GAAP, it is known to be the accounting standards within the United
States. While the IFRS is used internationally. The GAAP program is
used for purposes dealing with revenue services, expenses, assets,
gains, losses, and liabilities; while the IFRS system is used only
for revenue expenses, assets, and liabilities. The GAAP system is
prohibited while the IFRS system can meet certain criteria not to be
prohibited. The "going concern" assumption is not
well-developed in the US GAAP framework. IFRS gives prominence to
underlying assumptions such as accrual and going concern.
May 11th, 2015
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