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Comparing IFRS to GAAP Essay




Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following;IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?;IFRS 9-1: What is component depreciation, and when must it be used?;IFRS 9-2: What is revaluation of plant assets? When should revaluation be applied?;IFRS 9-3: Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which classification is appropriate.;IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.;IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.;Format your essay consistent with APA guidelines.;Use the Financial Accounting text and at least two additional scholarly-reviewed references.


Paper#74709 | Written in 18-Jul-2015

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