1. Under US GAAP, R&D costs within the scope of ASC 730 are expensed as incurred. Under IFRS (IAS 382), research costs are expensed, like US GAAP. However, unlike US GAAP, IFRS has broad-based guidance that requires companies to capitalize development expenditures, including internal costs, when specific criteria are met. Based on these criteria, internally developed intangible assets (e.g., development expenses related to a prototype in the automotive industry) are generally capitalized and amortized under IFRS and expensed under US GAAP. Based on this regulation, internally developed intangible assets (e.g., development expenses related to a prototype in the automotive industry) are generally expensed under US GAAP. Please read the linked news; Merck ends developing two potential COVID-19 vaccines ( Merck ends development of two potential COVID-19 vaccines | AP NewsLinks to an external site.). And answer the following questions. Do you think which accounting regulation is more suitable for internally developed intangibles, US GAAP or IFRS? Please explain your reasons based on what you learned in Chapter 12 and the AP news. You will be evaluated on your knowledge and your communication in this assignment. So please pay attention to the content and your written language. 2. What are the different types of accounting changes? How are they reported? Briefly explain the reporting methods and draw comparisons between them? (Answer-write in your own words in at least half page)
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