Assignment

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:

• 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?

• What is component depreciation, and when must it be used?

• What is revaluation of plant assets? When should revaluation be applied?

• 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.

• Explain how IFRS defines a contingent liability and provide an example.

• 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: Tools for Busines Decision Making text and at least two additional scholarly-reviewed references.