The Income statement is
A)required under GAAP but not under IFRS.
B)required under IFRS in the same format as under GAAP.
C)required under IFRS but not under GAAP.
D)required under IFRS with some differences as compared to GAAP.

Question

Quizplus · Accepted Answer

The income statement is required under both GAAP and IFRS, but there are some differences in the format and presentation. For example, under IFRS, there is no requirement for separate reporting of extraordinary items, while GAAP requires them to be separately presented. Additionally, under IFRS, companies can choose to present expenses based on function rather than by nature (as is required under GAAP).

The Income Statement Is