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U.S. GAAP Long-Lived Assets (Intangible) |
IFRS Long-Lived Assets (Intangible) |
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Internally generated goodwill not recognized (although, implicitly, indirectly given recognition in limited circumstance of replacement for impaired acquired goodwill)
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Internally generated goodwill not recognized |
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Research and development expenditures all expensed as incurred, included in operating cash flows
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Research costs expensed as incurred, but development costs capitalized and amortized, portion capitalized in period is included in investing cash flows |
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Measurement of impairment done with reference to fair value (often operationalized as discounted cash flows)
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Measurement of impairment done with reference to higher of value in use or fair value less costs to sell |
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Estimated residual often defined by present value of expected disposal proceeds
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Estimated residual value defined by current net selling price assuming asset is age, condition as of expected end of useful life |
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Measurement of goodwill impairment uses special method, requires first comparing fair value of cash generating unit to book value including goodwill, then comparing implied goodwill to carrying value; measured at level of business segment or one level below that
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Measurement of goodwill impairment similar to other long lived assets, requires only single-step computation; measured at lowest level goodwill can be assigned (cash generating unit)
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Impairment testing at segment or lower level, except that indefinite life intangibles are tested separately from business unit
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Impairments tested at cash generating unit level |
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No reversals of impairments once recognized for intangible assets
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Impairments of intangible, once recognized, can be reversed, under defined conditions, except for goodwill |
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Revaluations never permitted (only amortized cost is permitted)
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Revaluation of intangibles permitted under limited circumstances |
| Decommissioning (asset retirement) obligations not recomputed after initial computation, generally |
Decommissioning (asset retirement) obligations recomputed at current risk-adjusted rate each date of the statement of financial position
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