A Comparative Analysis of IFRS and GAAP: Key Differences and Similarities in Financial Reporting

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A Comparative Analysis of IFRS and GAAP: Key Differences and Similarities inFinancial ReportingWritea 700-to 1,050-word summary of the team's discussion about IFRS versus GAAP, based onyour team collaborative discussions.The essay is an individual assignment; however, teamcollaboration is worth 30 % of the available points for the essay.Input regarding the questions forIFRS 8-1, 9-1, 9-2 and 9-3 must be posted during Week 2. Input regarding IFRS 10-2 and 10-3 mustbeposted during Week 3.Input posted during Week 4 must relate to the information regardingIFRS at the end of Chapters 12 and 13.For example, input regarding IFRS 10-2 posted in Week 4will not be eligible to earn collaboration credit since the topic was related to Week 3.The summaryshould 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 valuemeasurement for financial instruments? In what ways have some of the approachesdiffered?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 expensesand others as development costs. Explain the difference between these accounts and how acompany 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 withrespect to the accounting for liabilities.Formatyour essay consistent with APA guidelines.UsetheFinancial Accountingtext and at least two additional scholarly-reviewed references from theUniversity of Phoenix Online Library.Inclusion of the URLs to take the reader directly to the Librarydatabases is required to be eligible to earn credit for this requirement.Citethese sources whenappropriate as in-text citations and list cited sources on the References page. Listed cited sourceson the References page must include a valid URL to take the reader to the electronic copy of eachsource. The essay will not be supported if cited sources (in-text citations and References page) areomitted.If the instructor is not able to access the electronic copies by the provided URL links theessay is not supported.The essay will include answers to above identified International Financial Reporting Standards(IFRS).If the team discussions did not cover all of the standards the student will need to completethe required research and include this information in the essay.

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