Under US GAAP and IFRS, Research and Development Costs Are

Multiple Choice

Under US GAAP and IFRS, research and development costs are:
I. Research costs are expensed as incurred
II. Development costs are expensed as incurred
III. Research costs are capitalized and amortized over time
IV. Development costs are capitalized and amortized over time.

A) GAAP I and II; IFRS II and III
B) GAAP I and IV; IFRS III and IV
C) GAAP I and II; IFRS I and IV
D) GAAP II and III; IFRS II and III