ACC 291 Week 4 Individual Assignment Comparing IFRS to GAAP Essay

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ACC 291 Week 4 Individual Assignment Comparing IFRS to GAAP Essay

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Write a 700- to 1,050-word summary of the team's discussion about

IFRS versus GAAP, based on your team collaborative discussions. The

essay is an individual assignment; however, team collaboration is worth

30 % of the available points for the essay. The essay must be

submitted for grading to be eligible to earn credit for your contributions

to the team collaborative discussions. Input regarding the questions for

IFRS 8-1, 9-1, 9-2 and 9-3 must be posted during Week 2. Input

regarding IFRS 10-2 and 10-3 must be posted during Week 3. Input

posted during Week 4 must relate to the information regarding IFRS at

the end of Chapters 12 and 13. For example, input regarding IFRS 10-

2 posted in Week 4 will not be eligible to earn collaboration credit since

the topic was related to Week 3. The summary should be structured in

a subject-by-subject format. Use section headings to identify each

IFRS. Do not use the IFRS Questions for the section headings.

Instead, identify the IFRS topic. For example, a suggested section

heading for IFRS 8-1 is "IFRS 8-1 Fair Value Measurement for

Financial Instruments". Introduction and conclusion paragraphs are

required. 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


  • 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 scholarlyreviewed

references from the University of Phoenix Online

Library. Inclusion of the URLs to take the reader directly to the Library

databases is required to be eligible to earn credit for this requirement.

Cite these sources when appropriate as in-text citations and list cited

sources on the References page. Listed cited sources on the

References page must include a valid URL to take the reader to the

electronic copy of each source. The essay will not be supported if cited

sources (in-text citations and References page) are omitted. If the

instructor is not able to access the electronic copies by the provided

URL links the essay 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 complete the required

research and include this information in the essay.

Click the Assignment Files tab to submit your assignment.

SupportingMaterial:Writing and Style Guidelines (APA)New APA Paper

Template: 100-299Week 2 Learning Team Collaborative Discussion:

Prepare for Week 4 IFRS EssayWeek 3 Learning Team Collaborative

Discussion: Prepare for Week 4 IFRS EssayWeek 4 Learning Team

Collaborative Discussion: Prepare for Week 4 IFRS EssayComparing

IFRS to GAAP Grading Form


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