Business Finance
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:
(Team C – Discussions) – http://www.ifrs.org/Documents/IAS16.pdf, http://www.bsd-cpa.com/index.php/comparing-and-contrasting-international-financial-reporting-standards-ifrs-and-generally-accepted-accounting-principles-gaap, http://ec.europa.eu/internal_market/accounting/docs/consolidated/ias37_en.pdf
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 scholarly-reviewed references.
I need back March 5, 2016.
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:
(Team C – Discussions) – http://www.ifrs.org/Documents/IAS16.pdf, http://www.bsd-cpa.com/index.php/comparing-and-contrasting-international-financial-reporting-standards-ifrs-and-generally-accepted-accounting-principles-gaap, http://ec.europa.eu/internal_market/accounting/docs/consolidated/ias37_en.pdf
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 scholarly-reviewed references.
I need back March 5, 2016.
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