1. Describe the critical role of international perspectives in the application of accounting. 2. Discuss how differences in culture, the legal system, and the socio-economic environment impact the interpretation and analysis of financial information in different countries. 3. Improve your skills related to global financial information. 4. Discuss the need for the creation of uniform accounting standards of international application. On December 31Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the Product are the following: Research $6,000,000 and Development $4,000,000. The criteria have been met for recognition of the development costs as an asset. Product Master D will be in the market in Year 2 and is expected to marketable for 5 years. Total sales of the product are estimated at $100,000,000. Instructions: Using IAS 38, determine the effect of the Research \& Development costs have on Company's Net Income. Answer the following questions. 1. Choose ONLY ONE and explain (5points). Net Income using IFRS will be in Year 1: a.Higherby:b.Lowerby$largerthanU.S.GAAPincome.largerthanU.S.GAAPincome. c. Both will be the same. 2. Explanation: (5 points) 3. Year 3 (ending balance) (5 points) Determine the Book Value of the asset 4. Explanation: (5 points) Show you computations