Newdrugs inc. an international corporation has identified a, Ask an Expert

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NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?

a. Research pharmaceutical formulas on potential

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

c. Legal fees to patent the newly developed formula

d. Customer list purchased from a competitor

e. Patent purchased from a competitor

f. Legal fees to defend the purchased patent

g. Goodwill included in the purchase of OldDrugs, Inc.

h. Internally developed customer list

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402911

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