ACC 291 Week 2 Learning Team Collaborative Discussion: Prepare for Week 4 IFRS Essay | eBooks | Education

ACC 291 Week 2 Learning Team Collaborative Discussion: Prepare for Week 4 IFRS Essay

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ACC 291 Week 2 Learning Team Collaborative Discussion: Prepare for Week 4 IFRS Essay

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ACC 291 Week 2 Learning Team Collaborative Discussion: Prepare for Week 4 IFRS Essay

 

Discuss this week’s objectives and the following concepts comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

 

 

 

    • IFRS8-1: 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.
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