All of the following statements are true except:
a. International accounting standards are more flexible in allowing the use of fair market values for intangible assets.
b. FASB standards require all research and development costs to be expensed.
c. IFRS requires all research and development costs to be expensed.
d. Under IFRS, fair market values for intangibles require an active market.
c
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When some customers see all competitors' offerings as basically the same and are willing to spend much time and effort to buy the item at the lowest price, the item is a(n)
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