Comparing IFRS to GAAP Essay

Comparing IFRS to GAAP Essay

Comparing IFRS to GAAP Essay

Complete the following Week 4 Assignment in WileyPLUS. From the Read, Study, Practice screen, click on the ORION: Personalized Practice link in the left corner of the page. • Chapter 8 Orion Proficiency report • Chapter 9 Orion Proficiency report • Chapter 10 Orion Proficiency report • Chapter 11 Orion Proficiency report • Chapter 12 Orion Proficiency report • Chapter 13 Orion Proficiency report Note. Proficiency reports will be repeated each week to check for progress. 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 scholarlyreviewed references.
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