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Company A currently uses U.S GAAP while Company 8 is currently using IFRS. Both companies are individually in the process of internally developing trademarks that have been demonstrated to be technically andeconomically feasible Both companies have incurred development costs in the current year with respect to their internally developed trademarks.
Which one of the following best describes how Company A and Company B should account for these development costsin their financial statements?
- A . Company A should expense the development costs while Company B should capitalize the development costs
B. Company A should capitalize the development costs while Company B should expense the development costs
C. Both Company A and Company B should capitalize the development costs
D. Both Company A and Company B should expense the development costs
Suggested Answer: D
Posted : 27/12/2022 7:13 pm