Under US GAAP and IFRS, research and development costs are:
I. Research costs are expensed as incurred
II. Development costs are expensed as incurred
III. Research costs are capitalized and amortized over time
IV. Development costs are capitalized and amortized over time.
◦ GAAP I and IV; IFRS III and IV
◦ GAAP II and III; IFRS II and III
◦ GAAP I and II; IFRS I and IV
◦ GAAP I and II; IFRS II and III