I've had some trouble with a similar topic and just wanted to put in what I've learned on it in case it helps anyone else:
For a floating object:
1. The buoyancy force is equal to the weight of the OBJECT which is equal to the weight of the fluid displaced by the fraction of the object submerged. This gets confusing because people automatically assume the volume of the fluid displaced is equal to the volume of the object but this is not true for a floating object since the entire object is not submerged.
2. The fraction SUBMERGED equals to the ratio of the density of the object to the density of the fluid (in the case of water, this equals the specific gravity of the object). Thus, in water, if you have a ball with a specific gravity of 0.9, 90% of the object will be submerged.
For a submerged object:
1. The buoyancy force equals to the weight of the displaced fluid. In this case, the volume of the displaced fluid does equal the volume of the object since the object is completely submerged.
2. The buoyancy force also equals the apparent loss of mass of the object.
So in the case of 2 balls of equal weight that are floating, the buoyancy force is the same for both of them because the buoyancy force is equal to the weight of the floating object regardless of its size.
Anyone please feel free to correct me if I'm wrong.