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.

Goodwill is an intangible resource associated with procuring one trade by another. When the buy cost exceeds the full of reasonable values of all tangible and intangible resources obtained within the procurement and the liabilities taken on during the process, goodwill is specifically perceived.

International financial reporting states that if the cost is spent for the development of the business and then if the cost qualifies to get capitalized. Then the cost spent on the development needs to be capitalized.

So, option (a) Both IFRS and GAAP permit revaluation of property, plant, equipment, and intangible assets (except for goodwill) is the correct option.

Option b) R&D capitalization could be a worthy and well-known approach. It is perceived by both IFRS (International Financial Reporting Standards), a few circumstances may compel the practice and GAAP (Generally Accepted Accounting Principles) within the United States.

Option c) Research expenses are expensed using IFRS (IAS 382), compared to US GAAP. Contrary to US GAAP, IFRS contains a broad-based direction that compels enterprises to perceive development costs, including inside costs, when certain conditions are met.

Option d) Unlike US GAAP, research expenses are expensed using IFRS (IAS 382). In contrast to US GAAP, IFRS has a broad mandate that forces businesses to account for development expenses, including internal expenditures, when certain conditions are met.