Acc 291 – IFRS vs GAAP
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:
(Team C – Discussions) – http://www.ifrs.org/Documents/IAS16.pdf, http://www.bsd-cpa.com/index.php/comparing-and-contrasting-international-financial-reporting-standards-ifrs-and-generally-accepted-accounting-principles-gaap,http://ec.europa.eu/internal_market/accounting/docs/consolidated/ias37_en.pdf
- 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.
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Introduction
International Financial Reporting Standards (IFRS) are sets of policies that have been developed by the International Accounting Standards Board and are meant to guide accountants in preparation of financial statements. On the other hand Generally Accepted Accounting Principles help companies to have the same preparation methods just like other organizations abroad in other nations and they regulate…..
APA
786 words
