IFRS content in the income statement is similar to U.S. GAAP in all of the following areas except the disclosure of
A) revenues.
B) finance costs.
C) comprehensive income disclosure in a statement of shareholders' equity.
D) tax expense.

Question

Quizplus · Accepted Answer

Under IFRS, comprehensive income can be presented either in a single statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). U.S. GAAP allows for comprehensive income to be presented in the statement of shareholders' equity, but this is not an option under IFRS.

IFRS Content in the Income Statement Is Similar to U