The difference between IFRS and U.S. GAAP for the treatment of intangible assets and impairments include the following. The first difference regards the development costs. In the case of U.S.GAAP, the development costs are recognized as an expense when incurred unless addressed by a separate condition (Fosbre, Kraft, & Fosbre, 2009). Regarding IFRS, the capitalization of the development costs occur at the time when the economic and technical feasibility of a project can be demonstrated according to a particular criterion. Second, IFRS and U.S.GAAP differ on the advertising costs (Fosbre, Kraft, & Fosbre, 2009). The advertising and promotional costs in the case of U.S.GAAP are expensed as they incur or in circumstances when it is the first time for an advertising to take place. Conversely, the advertising, and promotional costs of IFRS are expensed as incurred. Besides, an organization will reconsider a prepayment as an asset only at the time the entity to which the goods and services paid in advance have access to the goods and service provided. Third, the U.S.GAAP does not permit the revaluation of intangible assets (Fosbre, Kraft, & Fosbre, 2009). On the other hand, with IFRS, the revaluation of intangible assets other than goodwill is a permitted accounting policy. This is because the revaluation process works with a substantive support to an active market for a particular intangible.

Reference

Fosbre, A. B., Kraft, E. M., & Fosbre, P. B. (2009). The Globalization of Accounting Standards: IFRS vs. US GAAP. Global Journal of Business Research, 3(1), 61-71.

 
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