Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. 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?
Fair value measurements provide users of financial statements with an accurate picture of the value of a company's assets. Both IFRS and GAAP require firms to include information regarding fair value measurement practices in the notes of financial