Income statement formats Information from GoodLuck Brands's income statements for the years ended December 31, 2008, 2007,

Question:

Income statement formats Information from GoodLuck Brands's income statements for the years ended December 31, 2008, 2007, and 2006, is shown next. GoodLuck Brands is a U.S.-based manufacturer and distributor. The company applies U.S. GAAP and reports its results in millions of U.S. dollars.

Prepare, in good format, income statements for GoodLuck Brands for 2006. 2007, and 2008, assuming the firm appliesIFRS.

2008 2007 2006 Net Sales ... S8,769.0 $7,061.2 $6,145.2 Cost of Products Sold 4,618.9 3,843.0 3,342.1 Excise Taxes on Sp

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...