Please read instructions carefully and completely Due date 41.docx

Please read instructions carefully and completely
Due date 4/17/15 8am Arizona time
No plagiarism in own words
Will run through a plagiarism checker
Will not accept if after due date will dispute
References page must include a valid URL to take the reader to
the electronic copy of each source.
If cannot complete with the given instructions do not reply
Please contact me if you have questions
Write as a team discussion example: we discussed, she, he or I
I may change some areas at later date
Write a 700- to 1,050-word summary of the team's discussion
about IFRS versus GAAP, based on your team collaborative
discussions. The essay is an individual assignment; however,
team collaboration is worth 30 % of the available points for the
essay. Input regarding the questions for IFRS 8-1, 9-1, 9-2 and
9-3 must be posted during Week 2. Input regarding IFRS 10-2
and 10-3 must be posted during Week 3. Input posted during
Week 4 must relate to the information regarding IFRS at the end
of Chapters 12 and 13. For example, input regarding IFRS 10-2
posted in Week 4 will not be eligible to earn collaboration
credit since the topic was related to Week 3. 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 9-1: 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.
· IFRS 10-2: Explain how IFRS defines a contingent liability
and provide an example.
· IFRS10-3: 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 text and at least two additional
scholarly-reviewed references from the University of Phoenix
Online Library. Inclusion of the URLs to take the reader
directly to the Library databases is required to be eligible to
earn credit for this requirement. Cite these sources when
appropriate as in-text citations and list cited sources on the
References page. Listed cited sources on the References page
must include a valid URL to take the reader to the electronic
copy of each source. The essay will not be supported if cited
sources (in-text citations and References page) are omitted. If
the instructor is not able to access the electronic copies by the
provided URL links the essay is not supported.
The essay will include answers to above identified International
Financial Reporting Standards (IFRS). If the team discussions

did not cover all of the standards the student will need to
complete the required research and include this information in
the essay.
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 and GAAP are similar when it comes to basic accounting
and reporting issues that connect. With identification and
measurement of allowance accounts, accounts receivables,
recording discounts, and the reduction process to account for
bad debt and factoring. However, FASB (Financial Accounting
Standards Board) and IASB (International Accounting Standards
Board) have taken steps to implement fair value measurement to
financial instruments. As a result opposing factors, FASB and
IASB have adopted a fragmentary approach. The first step the
two have taken is disclosing the appropriate use information in
the notes. Step two is the adoption of the fair market alternative
that allows companies to record some financial instrument at
fair value in financial statements (Kimmel, 2013). The third
step is acknowledging the complexity and universality of
recognizing the area of revenues in fiscal reporting. FASB and
IASB have also collaborated in the development of a new single
revenue recognition standard. Both FASB and IASB are of the
opinion that transparency and comprehension of financial
statements can increase if companies record and report all
financial instruments at fair value. Some of the criticism on
both FASB and IASB is that they represent a split model. The
critics claim that some financial instruments state at fair value.
Some loans and receivables (reported assets) with remunerated
cost can create an illusion two companies. The notion of one
business is looking for two results from similar securities
accounting for those securities in different methods (Kimmel,

2013). It is being hinted that possibly IFRS 9 would be revised
or replaced as the FASB and IASB, to proceed with the best
approach for financial tools.
Reference:
Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2013).
Financial accounting: Tools for business decision making.
Hoboken, N.J: John Wiley.
By student Joel
IFRS 9-1: What is component depreciation, and when must it be
used?
IFRS requires component depreciation, where as this form of
depreciation is rarely used with GAAP. Component depreciation
occurs if a significant part of a depreciable asset has a different
useful life than the rest of the asset. When this occurs, the
company reports the depreciation of each part of the asset as a
separate entry to record the useful life for each component of
the asset.
Reference
Slimmers, P. D. (2013). Financial accounting: Tools for
business decision making. Retrieved from University of Phoenix
eBook Collection.
By student Jessica
IFRS 9-2: What is revaluation of plant assets? When should
revaluation be applied?
Revaluation of plant assets is used to get the most accurate
value of a company's assets such as land, buildings, machinery
when the assets declines in value because of the age that is tied

to it. A revaluation the positive difference between the fair
market value and the original cost minus depreciation. The
purpose of revaluation is to get fair market values for the fixed
assets like when a company wants to sell an asset it gets
revalued for negotiations. Revaluation should be applied to
show fair market value of an assets that has appreciated since
its purchase like land. Another reason for revaluation is if
company would like to get a loan by mortgaging its assets doing
a revaluation of the asset would improve the company's chances
of getting a higher amount of loan.
By student Neil
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.
Under GAAP, companies are required to expense all
development and research in the income statement. On the
contrary, IFRS only the reporting research expenses (Shamrock,
2012). In IFRS, development costs incurred prior to
capitalization (before the company could viably make money
from the technology) are recorded as development expenses. On
the other hand, development costs are those expenses recorded
after feasible capitalization. The impact on a firm in reporting
is that the development costs are not expensed until the
resulting asset is used up. In this approach, only the
development prior technological viability achieved impacts the
income statement. Once technical feasibility has been attained,
a firm can choose reporting development costs as capital
expenses. Thus, the expenses are depreciated over the useful
life provided by the technology. Both GAAP and IFRS require
the expensing of development costs in the current period. The
preparation of income statement in conformity to IFRS requires
companies to choose the classification that is appropriate.

Reference:
Shamrock, S. E. (2012). IFRS and US GAAP: A comprehensive
comparison. Hoboken, N.J: John Wiley.
By student Joel
Explain how IFRS 10-3 defines a contingent liability and
provide an example.
According to Kimmel (2013), IFRS does not report contingent
liabilities on financial statements. Under IFRS rules, what
would be considered a contingent liability under GAAP
standards is referred to as a provision. IFRS defines a provision
to be a "liability of uncertain timing or amount". According to
Christodoulou (2010), "IAS 37 [is] an accounting rule which
governs how listed companies write-up a range of difficult-to-
define liabilities" (p. 4). In order to be considered a contingent
liability under IFRS standards certain criteria must be met. This
includes the possible occurrence or nonoccurence of future
events that would make the payment of these past liabilities
become current obligations. Another criteria would be that a
future liability is created based on a past event. This could be
categorized as a contingent liability under IFRS if the
likelihood that economic resources will be used to pay this
liability is low or there isn't a significant way to measure the
amount of the obligation.
Some examples of what IFRS deems as provisions include
employee vacation pay and anticipated losses. These same items
would be treated as contingent liabilities under GAAP, however
they are deemed as provisions under IFRS standards because
they do not meet the criteria that has been established to
classify contingent liabilities.

References
Christodoulou, M. (2010). IAS 37 rule on legal costs set to
cause confusion. Accountancy Age, , 4-5. Retrieved
fromhttp://search.proquest.com/docview/217864497?accountid=
3581
Kimmel, P. D. (2013). Financial accounting: Tools for business
decision making (7th ed.). Hoboken, NJ: John Wiley & Sons
By student Jessica
IFRS 10-3: Briefly describe some similarities and differences
between GAAP and IFRS with respect to the accounting for
liabilities.
The basic principles of accounting liabilities between U.S
GAAP and IFRS are nearly identical. However, there are some
differences between the two in respect to certain business
combination recognition and measurement requirements
(Mackenzie et al., 2013). On the balance sheet, IFRS requires
reporting of liabilities in reverse order. On the contrary,
liabilities in GAAP are reported in order of liquidity. In
reporting interest expenses in financial statements, GAAP
allows both the straight-line method and effective interest rate
method. On the other hand, IFRS permits only the interest rate
approach. Additionally, while there are no special rules for
contingent liabilities in GAAP, IFRS has specific rules for the
same.
Under IFRS, provisions related to a contingency are measured
on the basis of the best estimate of the expenditure needed to
resolve the obligation. If a range of estimations is projected and
no quantity of the range is more probable than any other
quantity in the range, the liability is measured using the 'mid-
point' of the range. In GAAP, the liability is measured using the
minimum amount in a range. IFRS allows acknowledgment of a

restructuring liability, once a firm has committed to a
restructuring plan. Under GAAP, before a restricting liability
can be established, there is an additional criteria (i.e.,
associated to communication the plan to workforces).
Generally, there exist minor variations between GAAP and
IFRS when it comes to accounting liabilities. Both have
particular requirements when it comes to reporting liabilities
that can lead to slight differences in the results in the financial
statements (Wiecek and Young, 2010). Both are working
actively to modernize their accounting rules with changes in the
business climate. In summary, both GAAP and IFRS are
maintaining high-quality standards in the global economy.
Reference:
Mackenzie, B., Coetsee, D., Njikizana, T., Selbst, E.,
Chamboko, R., Colyvas, B., & Hanekom, B. (2013). Wiley IFRS
2013: Interpretation and application of international financial
reporting standards.
Wiecek, I. M., & Young, N. M. (2010). IFRS primer:
International GAAP basics. Hoboken, NJ: John Wiley & Sons.
By student Joel
Due date 4/17/15 8am Arizona time
No plagiarism
1) An Aids Case: James is a twenty-five year old man who is
dying from aids. His doctors predict that he will die within six
months or a year. He is not in a great deal of pain yet, but he is
very depressed and suicidal. He tells his doctor that he needs
very strong pills to help him sleep at night, but the doctor
suspects that James intends to kill himself with an overdose. It

is not illegal for the doctor to prescribe these pills, and since
the 1961 Suicide Act, it is not a criminal offense to commit
suicide or to attempt to do so. Should the doctor prescribe
these pills or not?
CHAPTER 14—PSYCHOLOGICAL DISORDERS
I. Identifying Psychological Disorders: What Is Abnormal?
A. Medical Model – conceptualization of psychological
disorders as diseases that have biological
causes, defined symptoms, and possible cures
B. Diagnostic and Statistical Manual of Mental Disorders
[Fourth Edition, Text Revision] (DSM-IV-TR)
– classification system used for diagnosis of recognized mental
disorders and indicates how the
disorder can be distinguished from other, similar problems
C. Classification of Disorders
1. Key elements for a cluster of symptoms to qualify as a
potential disorder:
a. Disturbances in behavior, thoughts, or emotion
b. Personal distress or impairment
c. Internal dysfunction (biological, psychological, or both)

2. Global Assessment of Functioning (GAF) Scale provides a 0-
100 rating where more severe
disorders are indicated by lower numbers
3. Early versions of DSM were unreliable
4. 17 main categories of mental disorders in DSM-IV-TR
5. Comorbidity – co-occurrence of two or more disorders in
one person
D. Causation of Disorders
1. Etiology – specifiable pattern of causes
2. Prognosis – typical course over time and susceptibility to
treatment and cure
3. Diathesis-Stress Model – individual may be predisposed for a
psychological disorder that is
unexpressed until triggered by stress
4. Intervention-Causation Fallacy – fallacy involving the
assumption that if treatment is effective
it must address the cause of the problem
E. Dangers of Labeling
1. Stigma prevents people from seeking treatment (~70%)

2. Labeling may affect how the person views him or herself;
may see themselves not just as
mentally disordered, but also hopeless or worthless
II. Anxiety Disorders: When Fears Take Over
A. Generalized Anxiety Disorder (GAD)
1. Symptoms (3 or more): Restlessness, fatigue, concentration
problems, irritability, muscle
tension, and sleep disturbance
2. Treated with benzodiazepines (increase GABA)
B. Phobic Disorders
1. Symptoms: Marked, persistent, and excessive fear and
avoidance of specific objects,
activities, or situations
2. Specific Phobia – irrational fear of a particular subject or
situation that interferes with the
ability to function
a. Five categories: Animals; natural environments; situations;
blood, injections, injury; other

phobias (illness, death)
3. Social Phobia – irrational fear of being publicly humiliated
or embarrassed
4. Preparedness Theory – people are instinctively predisposed
toward certain fears
C. Panic Disorder
1. Symptoms: Sudden occurrence of multiple psychological and
physiological symptoms that
contribute to a feeling of stark terror
2. Agoraphobia – extreme fear of venturing out into public
places (often for fear of having a
panic attack)
D. Obsessive-Compulsive Disorder (OCD)
1. Symptoms: Repetitive, intrusive thoughts (obsessions) and
ritualistic behaviors (compulsions)
that are intended to fend off those thoughts, result in significant
interference into person’s
ability to function
2. Increased serotonin inhibits the caudate nucleus and reduces

symptoms of OCD
III. Mood Disorders: At the Mercy of Emotions
A. Depressive Disorders
1. Major Depressive Disorder
a. Symptoms: Severely depressed mood (> 2 weeks) with
feelings of worthlessness and
lack of pleasure, lethargy, sleep and appetite disturbances
2. Dysthymia – similar to major depression but less severe and
lasting for at least 2 years
3. Double Depression – moderately depressed mood that persists
for at least 2 years,
punctuated with severe depression
4. Seasonal Affective Disorder (SAD) – recurring depressive
episodes in a seasonal pattern
5. Postpartum Depression – depression following childbirth
6. Biological Factors
a. Increases in norepinephrine and serotonin reduce
depression (Prozac and Zoloft)
b. Reduced activity in left dorsolateral prefrontal cortex and
increased activity in right

dorsolateral prefrontal cortex
7. Psychological Factors
a. Helplessness Theory – individuals prone to depression
automatically attribute negative
experiences to causes that are internal, stable, and global
b. Negative thinking can contribute to relapses and is often
heightened in depressed people.
B. Bipolar Disorder
1. Symptoms: Unstable emotional condition characterized by
cycles of abnormal, persistent
high mood (mania) and low mood (depression)
2. Rapid cycling bipolar disorder has at least 4 mood episodes
per year and is difficult to treat
3. Biological Factors
a. high heritability (40-70% monozygotic twins)
b. Lithium reduces symptoms
4. Psychological Factors
a. Episodes triggered by stressful events

IV. Dissociative Disorders: Going to Pieces
A. Dissociative Disorder – condition in which normal cognitive
processes are severely disjointed and
fragmented, creating significant disruptions in memory,
awareness, or personality that can vary
in length from a matter of minutes to many years.
1. Dissociative Identity Disorder (DID) – presence within an
individual of two or more distinct
identities that take over control of the individual’s behavior at
different times
a. Host personality is dominant and often unaware of the alters,
yet alters are aware of host
personality
b. Usually the result of ritualistic abuse and/or trauma
2. Dissociative Amnesia (sudden loss of personal information)
and Dissociative Fugue (sudden
loss of personal history, accompanied by an abrupt departure
from home, assumption of new
identity)
V. Schizophrenia: Losing the Grasp on Reality

A. Universal symptoms: Profound disruption of psychological
processes; distorted perception of
reality; altered or blunted emotion; disturbances in thought,
motivation, and behavior
B. Symptoms and Types of Schizophrenia
1. Symptoms
a. Delusion – patently false belief system, often bizarre and
grandiose, that is maintained in
spite of its irrationality
b. Hallucination – a false perceptual experience that has a
compelling sense of being real
despite the absence of external stimulation
c. Disorganized speech – a severe disruption of verbal
communication in which ideas shift
rapidly and incoherently from one to another unrelated topic
d. Grossly disorganized behavior – behavior that is
inappropriate for the situation or
ineffective in attaining goals, often with specific motor
disturbances

i. Catatonic behavior – a marked decrease in all movement or an
increase in muscular
rigidity and overactivity
e. Negative symptoms – emotional and social withdrawal;
apathy; poverty of speech; and
other indications of the absence or insufficiency of normal
behavior, motivation, and
emotion
2. Types and their characteristics
a. Paranoid – absurd, illogical, and changeable delusions; vivid
hallucinations; impairment of
critical judgment and erratic, unpredictable and occasionally
dangerous behavior
b. Catatonic – alternating periods of extreme withdrawal and
extreme excitement
c. Disorganized – usually occurs at an earlier age; emotional
distortion and blunting
manifested by inappropriate laughter and silliness, peculiar
mannerisms, and bizarre
behavior
d. Undifferentiated – rapidly changing mixture of all or most of

the primary indicators of
schizophrenia
e. Residual – mild indication of schizophrenia shown by
individuals in remission following a
schizophrenic episode
C. Biological Factors
1. Genetic Factors
a. heritability (~48% monozygotic twins)
2. Prenatal and Perinatal Factors
a. Virus or influenza in second trimester increases risk
3. Biochemical Factors
a. Dopamine hypothesis – the idea that schizophrenia involves
an excess of dopamine activity
4. Neuroanatomy
a. Early observations showed enlarged ventricles
b. Progression of “pruning” starting in parietal lobe
D. Psychological Factors
1. Expressed emotion (emotional over involvement and

excessive criticism from the family)
VI. Personality Disorders: Going to Extremes
A. Types of Personality Disorders
1. Odd/Eccentric Cluster
a. Schizotypal – eccentric manners of speaking or dressing;
strange beliefs; difficulty
forming relationships
b. Paranoid – distrust in others; apt to challenge loyalty of
friends; prone to anger and
aggressive outburst; emotionally cold
c. Schizoid – extreme introversion and withdrawal from
relationships; little interest in others;
humorless; distant
2. Dramatic/Erratic Cluster
a. Antisocial – impoverished moral sense; history of deception,
crime, impulsive behavior;
little emotional empathy or remorse for harming others; high
risk for substance abuse

b. Borderline – unstable moods and intense stormy
relationships; self-mutilation or suicidal
threats or gestures to get attention; tendency to see others as
“all good” or “all bad”
c. Histrionic – constant attention-seeking, grandiose language,
provocative dress,
exaggerated illness, all to gain attention; emotional, lively,
overly dramatic, enthusiastic;
flirtatious
d. Narcissistic – inflated sense of self-importance, absorbed by
fantasies or self or success;
poor longer-term relationships; exploitative of others
3. Anxious/Inhibited Cluster
a. Avoidant – socially anxious and uncomfortable unless they
are confident of being liked;
fears criticism; avoids social situations due to fear of rejection
b. Dependent – submissive, dependent, requiring excessive
approval, reassurance and
advice; clings to people; lacks self-confidence; uncomfortable
when alone

c. Obsessive-compulsive (NOT OCD) – conscientious, orderly,
perfectionist; excessive need
to do everything right; fear of errors; poor expression of
emotions
B. Antisocial Personality Disorder (APD) – pattern of disregard
for, and violation of, the rights of
others
1. Usually starts with conduct disorder (aggression, rule
violations, etc.) in adolescence
2. Sociopath and psychopath (coldhearted, manipulative, and
ruthless)
3. Less active hippocampus and amygdala when shown negative
conditional words, resulting in
less sensitivity to fear

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