NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which item would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
i. Research on potential pharmaceutical formulas
ii. Development of new pharmaceutical formulas, after feasibility and business plans have been established
iii. Legal fees to patent the newly developed formula
iv. Customer list purchased from a competitor
v. Patent purchased from a competitor
vi. Legal fees to defend the purchased patent
vii. Goodwill included in the purchase of Old Drugs, Inc.
viii. Internally developed customer list
a) Which item would not be recognized as an asset under US GAAP or IFRS?
b) Which item would be capitalized under IFRS but not US GAAP?