Chapter 12, Problem 1IST

To determine

International financial reporting standards (IFRS): The international financial reporting standards formally called as IFRS are the standards of financial reporting issued by the IASB and the IFRS foundation to provide unique global script for business affairs so that company accounts is understandable for everyone and can be comparable for maintaining fair trade practices.

Generally accepted accounting principles (GAAP): A set of accounting principles, practices and regulations that companies follow to prepare or to make a financial statement for a specific period of time are termed as generally accepted accounting principles. This improves the intelligibility of communication of monetary information of the company.

To determine the similarity in accounting for the intangible assets.