In your first post this week briefly describe some of the similarities and differences between IFRS and USGAAP with respect to the accounting for intangibles.

In your reply post this week briefly discuss the convergence efforts underway in the area of intangibles. Discuss whether the following costs are expensed or capitalized under IFRS: purchase of a patent, research costs, development costs, organizational costs, and internal costs generating goodwill. How does international treatment of these items compare with US treatment?