IFRS versus GAAP-500 words

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Write a 500 word summary of a discussion about IFRS versus GAAP. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. 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 9-2: What is revaluation of plant assets? When should revaluation be applied?
  • IFRS 10-3: 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: Tools for Busines Decision Making text and at least two additional scholarly-reviewed references.

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