A company incurs research and development costs of $200,000 in 2013 of which $50,000 of these costs relate to development activities because certain criteria have been met which suggest that an intangible asset has been created. As a result of research and development costs, what is the difference in income between reporting using U.S. GAAP and IFRS in 2013? U.S. GAAP income is $50,000 higher. U.S. GAAP income is $50,000 lower. IFRS income is $50,000 lower. IFRS income is $150,000 lower. IFRS income is $150,000 higher.