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.