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Why does us gaap generally not permit development costs

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Problem 1: As noted earlier, under International Financial Reporting Standards, Gamesa is required to capitalize development costs after projects reach technological feasibility. This is at odds with US Generally Accepted Accounting Principles (these are not software development costs). In terms of the asset recognition criteria we discussed in class, why does US GAAP generally not permit development costs to be treated as assets?

Reference no: EM132752455

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