Knowledge Check 01 Which of the following statements about licensing guidance is true? Multiple Choice O Both IFRS and U.S. GAAP rely on functional/symbolic classifications. Under IFRS, sellers of licenses of symbolic Intellectual property are not required to recognize revenue over time. O Under U.S. GAAP, sellers of licenses of functional Intellectual property typically recognize revenue over time. Under U.S. GAAP, sellers of licenses of symbolic intellectual property typically recognize revenue at a point in time