ACC 291 Week 4 Individual Assignment Comparing IFRS to GAAP Essay | Ashford University
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