Briefly Explain the Differences Between U

question 54

Essay

Briefly explain the differences between U.S. GAAP and International Financial Reporting Standards (IFRS) in accounting for research and development expenditures other than software development costs.

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Definitions:

Usage of Trade

Established customs and practices in a particular industry or market that are widely accepted and that parties to a contract are presumed to follow.

Customs

The official department that oversees the importation and exportation of goods in and out of a country, implementing national regulations and duties.

Practices

refers to habitual actions or procedures followed by individuals or organizations in a particular field or profession.

Good Faith

Acting with honesty, fairness, and sincerity in transactions and legal matters without intent to defraud or seek unfair advantage.