Reference no: EM131154750
Comparing IFRS to GAAP Essay
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 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.
Explore the costs involved in the creation of the system
: Explain the costs involved in the creation of the system. Describe the ongoing maintenance that will be required. Provide a workflow diagram in Visio or equivalent software to illustrate how the system will work.
|
Efficient market hypothesis
: 1. Suppose that you learn that a friend recently received a substantial inheritance. Your friend was given two choices: 1) wait 10 years and receive the inheritance or 2) receive the present value of the inheritance (using a 3% discount rate) now...
|
Find energy stored in the capacitor at t=0s
: Switch is closed at t=0 s. Since the circuit has no resistance, capacitor charges instantly, find energy stored in the capacitor at t=0s.
|
Determine the location of the shear center o
: Determine the location of the shear center O of a thin-walled beam of uniform thickness having the cross section shown
|
How ifrs defines a contingent liability and provide example
: 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.
|
Provide a brief description of the team or group
: Provide a brief description of the team or group. How many members did it include? What was its purpose? Describe the behaviors the team or group exhibited as it went through each stage of development. Describe a problem the team or group encountered..
|
Economics and finance have two different meanings
: Economics and finance have two different meanings when it comes to total cost. To an economist it means?
|
Design a comprehensive security plan
: Design a comprehensive Security Plan for only one of the following enterprises:- a local public library.- a full-service grocery store- A full-service department store.
|
Discuss at least two pricing strategies
: Discuss at least two pricing strategies you can use to increase your revenues and analyze them in terms of their ability to generate additional profits. Indicate any additional assumptions you are making.
|