Accenture Ltd prepares Financial Statements to 30 September each year. During the year ended 30 September 2020, Accenture (which has a number of subsidiaries) engaged in the following transactions:

1. On 1 April 2020, Accenture Ltd purchased all the equity capital of IFS and IFS became a subsidiary from that date. IFS sells a branded product that has a well-known name and the directors of Accenture Ltd have obtained evidence that the fair value of this name is Rs 20 million and that it has a useful economic life that is expected to be indefinite. The value of the brand name is not included in the statement of financial position of IFS as the directors of IFS do not consider that it satisfies the recognition criteria of IAS 38 for internally developed intangible assets. However, the directors of IFS have taken legal steps to ensure that no other entities can use the brand name.

2. On 1 October 2018 Accenture Ltd began a project that sought to develop a more efficient method of organising its production. Costs of Rs 10 million were incurred in the year to 30 September 2019 and debited to the statement of comprehensive income in that year. In the current year the results of the project were extremely encouraging and on 1 April 2020 the directors of Accenture Ltd were able to demonstrate that the project would generate substantial economic benefits for the group from 31 March 2021 onwards as its technical feasibility and commercial viability were clearly evident. Throughout the year to 30 September 2020 Accenture Ltd spent Rs 500,000 per month on the project.

3. Accenture Ltd spent Rs200,000 sending its staff on training courses during the year. This has already led to an improvement in the company's efficiency and resulted in cost savings. The organiser of the course has stated that the benefits from the training should last for a minimum of four years. The assistant has therefore treated the cost of the training as an intangible asset and charged six months' amortisation based on the average date during the year on which the training courses were completed.

Required: Explain how the above transactions should be recognised in the F/S of Accenture Ltd for the year ending 30 September 2020. You should quantify the amounts recognised and make reference to relevant provisions of IAS 38 – Intangible Assets - wherever possible.

The US is currently contemplating the transition to IFRS. US GAAP is regarded by many in the US as the 'gold standard'. It is detailed and rules-based and in many cases industry-specific and there is a perception among some that the adoption of IFRS will compromise the quality of financial reporting.

Required: Explain in what ways IFRS differs from US GAAP, as described above.