Which of the following statements is correct?(a) Both IFRS and GAAP permit revaluation of property, plant, and equipment and intangible assets (except for goodwill).(b) GAAP permits capitalization of development costs.(c) IFRS requires capitalization of research and development costs once economic viability is met.(d) IFRS requires capitalization of development costs once economic viability is met.

Question

Which of the following statements is correct?
(a) Both IFRS and GAAP permit revaluation of property, plant, and equipment and intangible assets (except for goodwill).
(b) GAAP permits capitalization of development costs.
(c) IFRS requires capitalization of research and development costs once economic viability is met.
(d) IFRS requires capitalization of development costs once economic viability is met.

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