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Pioneer company incurs research and development costs of $200,000 in 2013 of which $50,000 of...

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Accounting

Pioneer company incurs research and development costs of $200,000 in 2013 of which $50,000 of these costs relate to development activities because certain criteria have been met which suggest that an intangible asset has been created. Which one is true in terms of the difference in income between reporting using U.S. GAAP and IFRS in 2013?

Multiple Choice

  • U.S. GAAP income is $50,000 higher.

  • IFRS income is $50,000 lower.

  • U.S. GAAP income is $50,000 lower.

  • IFRS income is $150,000 lower.

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