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Assess the main differences between U.S. GAAP and IFRS' positions on research and development cost, pointing out which of the two you think gives the most detailed and correct financial information on research and development cost. Give support for the rationale.
Examine the advatages and drawbacks of recording depreciable assets of subsidiaries at either net fair value or gross fair values. Choose a method which would be suitable for the manufacturing company. Give support for your rationale.