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During 2007, a company began researching and developing a new product for market. By June 30, 2008, the company had determined the new product was technologically feasible and developed a business plan including identification of a ready market for the product, and a commitment of resources to ready the product for market. The company has tracked costs of the product as follows:

• Research and development, Jan-June 2008 € 130,000
• Research and development, July-Dec 2008 80,000
• Training costs 15,000
• Legal fees - patent 20,000
• Mass production 120,000
• Marketing launch 75,000

a) What amount will be included in intangible assets on the company's December 31, 2008 financial statements prepared in accordance with IFRS?

b) What amount will be reported as intangible assets under US GAAP?

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Accounting Basics, Accounting

Category:- Accounting Basics
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