There are many differences with the measurement of assets between the International Financial Reporting Standards $($IFRS$)$ and U$.$S$.$ Generally Accepted Accounting Principles $($GAAP$).$ For each of the following topics, describe how it would be handled with both sets of standards:

$$ Inventories $($IAS $2)$

$$ Expense recognition

$$ Costs included in inventory

$$ Property, plant, and equipment $($lAS $16)$

$$ Cost elements

$$ Cost measurements

$$ Depreciation $($component$)$

$$ Intangible assets $($IAS $38)$