Chapter 5, Problem 5.20Q

To determine

International Financial Reporting Standards

They are commonly known as IFRS. These are set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). These are universally accepted set of standards which state the rules and standards for accounting at global level.

Generally Accepted Accounting Principles:

These are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).

To explain: The manner in which a license for symbolic intellectual property can be treated differently under IFRS as compared to U.S. GAAP.