The number of years of income statement information to be presented is
A) 2 years under both GAAP and IFRS.
B) 3 years under both GAAP and IFRS.
C) 2 years under GAAP and 3 years under IFRS.
D) 3 years under GAAP and 2 years under IFRS.

Question

Quizplus · Accepted Answer

According to GAAP, the number of years of income statement information to be presented is three years, while for IFRS it is two years. Therefore, companies must follow the requirement of presenting three years of income statement information under GAAP and two years under IFRS.

The Number of Years of Income Statement Information to Be