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In Year 1, in a project to develop Product X, Lincoln Company incurred R&D costs...

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Accounting

In Year 1, in a project to develop Product X, Lincoln Company incurred R&D costs totaling $10 million. Among these costs, research-phase costs are $6 million, and development-phase costs are $4 million. All of the IAS 38 criteria have been met for recognition of the development costs as an asset. Profit of Lincoln in Year 1 is $300 million in accordance with US GAAP.

Calculate profit of Lincoln in Year 1 in accordance with IFRS?


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