An introduction and a conclusion are needed. Your essay should include the answers to the following:
IFRS 81:
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 91:
What is component depreciation, and when must it be used?
IFRS 92:
What is revaluation of plant assets? When should revaluation be applied?
IFRS 93:
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 102:
Explain how IFRS defines a contingent liability and provide an example.
IFRS103:
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