Question - How do you convert GAAP research and development to IFRS research and development? I have to answer the following questions on a certain company and would like some guidance.
Discuss the change that will be required to convert the statements from GAAP to IFRS. Be specific with respect to adjustments required, if any, to the balance sheet and/or the income statement, financial disclosures, etc.
Provide a clear and concise example of how the item is currently presented (under GAAP). The example should be shown in U.S. dollars.
Provide a clear and concise example of the change that will be required to convert the statements from GAAP to IFRS. The example should be shown in U.S. dollars. You may wish to present a journal entry as well.