during year 1, reforce company conducted research and development on a new product and incurred $120,000 research and $600,000 development cost. the company had determined that all of the ias 38 criteria have been met for capitalization of development cost. on january 2, year 2, the product is ready for sale and is expected to be marketable for 3 years. what was the difference between ifrs and u.s.gaap for year 1 net income? group of answer choices there was no difference for net income under ifrs and u.s.gaap. net income under ifrs was $720,000 higher than net income under u.s.gaap. net income under ifrs was $600,000 lower than net income under u.s.gaap. net income under ifrs was $600,000 higher than net income under u.s.gaap.
