Question 11 Which of the following statements is true of accounting for intangibles under IFRS, but not under U.S. GAAP? Intangible assets are carried at cost less accumulated amortization. Intangible assets can be adjusted to fair value. The cost of intangible assets also includes legal cost for successful defense. The cost of the asset is amortized for the shorter of legal life or estimated useful life. uestion 12 1.67 Fhich of the following is true of intangible assets? In accounting for a parent's acquisition of a subsidiary, the amount paid for intangible assets is based on the cost at which the asset was originally acquired O U.S. GAAP requires companies to follow the historical cost principle in reporting its intangible assets. The balance reported for intangible assets represent the amount that an acquiring company will pay to buy those assets. Internally developed intangible assets increase a company's intangible asset figures to grow to an incredible size O Any appreciation in the value of an intangible asset is adjusted by raising it to the fair value. Question 13 Copyrights last for 80 years beyond the creator's life. True O False