ACC 291 Week 3 Learning Team Collaborative Discussion: Prepare for Week 4 IFRS Essay

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

• IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.
• IFRS 10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.