22. Which of the following statements about research and development costs (R\&D) and intangible assets is correct? (a) Under the U.S. Generally Accepted Accounting Principles (GAAP), R\&D costs are recorded as intangible assets. (b) Under the International Financial Reporting Standards (IFRS), some development costs meeting specific requirements can be capitalized as intangible assets. (c) Under the U.S. GAAP, R\&D costs that resulted in successful patents will be recorded as patents on the balance sheet. (d) Under the U.S. Generally Accepted Accounting Principles (GAAP), R\&D costs are amortized over the estimated useful life. Question 24 24. All the following statements about impairments of fixed assets are correct except: (a) An impaiment is a permanent decline in an asset's tair value. (b) An impairment resuits in impairment loss that reduces the asset's cost to its new fair value. Ia Managen might overestimate the asset's fair value to avoid impairments. (1) An impoirment is generally recorded when the asset's book value falls below the fair value