GlaxoSmithKline Plc. (GSK) is a global pharmaceutical and consumer health-related products company located in the United Kingdom.
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1. Identify the items in the above statements that would be reported differently if GlaxoSmithKline prepared its financial statements according to U.S. GAAP rather than IFRS.
2. GSK's financial statements included income statements and separate statements of comprehensive income that reported its other comprehensive income items for the periods. What other options did the company have for reporting its other comprehensive income items? What options do companies have for the presentation of other comprehensive income items using U.S. GAAP?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Related Book For 
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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