1. During 2009, Company A (the Company) began researching and developing a new p

Question

1.         During 2009, Company A (the Company) began researching and developing a new product. On June 30, 2010, the Company acquired Pills.com, Inc. Additionally, the Company determined the new product and products being developed by Pills.com, Inc. were technologically feasible and developed a business plan, including identifying a ready market for the product and finding a commitment of resources to produce the product for market. The Company has tracked costs as follows:

Cost

Amount

Research costs (January

Cost

Amount

Research costs (January

Explanation / Answer

Intangible assets as per US GAAP Costs Amt Legal fees for product patent 2000 Preproduction costs 12000 Intangible assets 14000 Intangible assets as per IFRS Costs Amt Development costs (July

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