Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP,

Feb 3rd, 2012
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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-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 betw

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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-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:Introduction:-TheInternational Financial Reporting Standards(IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB) in an effort to create a single global standard for financial statements for public companies. Generally Accepted Accounting Principles(GAAP) the common set of accounting principles, standards and procedures that companies use to compile their financial statements.The International Accounting Standards (IAS), now renamed as International Financial Reporting Standards (IFRS), have been developed to harmonize corporate accounting practice and to answer the need for high quality standards to be adopted in the world's major capital markets. The benefits of the adoption of international accounting standards are considered to be the following. First, it should improve the ability of investors to make informed financial decisions and eliminate confusion arising from different measures of financial position and performance across countries, thereby leading to a reduced risk for investors and a lower cost of capital for companies. Second, it should lower costs arising from multiple reporting. Third, it should encourage interna

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