Assess the key differences between U.S. GAAP and IFRS' positions on research and development cost, indicating which of the two you believe provides the most detailed and accurate financial information on research and development cost. Provide support for your rationale.
Analyze the benefits and drawbacks of recording depreciable assets of subsidiaries at either net fair value or gross fair values. Select a method that would be appropriate for a manufacturing company. Provide support for your rationale.