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.