Pharma inc has identified a list of expenditures it

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1. Pharma, Inc. has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as an asset using US GAAP? Which items would be recognized as an asset using IFRS?

a. Patent purchased from a competitor.

b. Legal fees to defend the purchased patent.

c. Research on potential formulas before technical feasibility has been reached.

d. Development of new formulas, after feasibility and business plans have been established.

e. Legal fees for a patent for the newly developed formula.

f. Customer list purchased from a competitor.

g. Goodwill included in the purchase of Pills.com, Inc.

h. Direct-response advertising that meets the criteria in ASC 340-20-25-4.

i. Internally developed marketing plan for new drugs.

Reference no: EM13587437

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