Under US GAAP and IFRS, research and development costs are: I. Research costs are expensed as incurred II. Development costs are expensed as incurred III. Research costs are capitalized and amortized over time IV. Development costs are capitalized and amortized over time. A. GAAP I and IV; IFRS III and IV B. GAAP I and II; IFRS I and IV C. GAAP I and II; IFRS II and III D. GAAP II and III; IFRS II and III