Reference no: EM13135118
During 2007, a company began researching and developing a new technology. By March 31, 2008, the company had determined the new product was technologically feasible. As of April 30, 2008, the company had developed a business plan including identification of a ready market for the product, and a commitment of resources to ready the product for market. After completion of the second prototype in June 2008, the product was considered ready for mass production and marketing. The company has tracked costs of the product as follows:
Market research costs, 2007: € 30,000
Research costs, 2007 : 100,000
Research costs, Jan-Mar 2008: 50,000
Legal fees - patent: 25,000
Development costs, Apr 2008: 20,000
Management time to develop business plan: 15,000
Development cost - initial prototype: 500,000
Testing of initial prototype: 150,000
Cost of revisions and second prototype: 75,000
Legal fees to defend patent: 30,000
Mass production : 200,000
Marketing launch : 120,000
What amount will be included in intangible assets on the company's December 31, 2008 financial statements prepared in accordance with IFRS? How much would be included in intangible assets under US GAAP?
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: What amount will be included in intangible assets on the company's December 31, 2008 financial statements prepared in accordance with IFRS? How much would be included in intangible assets under US GAAP?
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