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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-bysubject 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
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.