Presented below is the income statement for Campbell Soup Company (USA). Campbell prepares its financial statements in accordance with U.S. GAAP.

Instructions
a. Review the Campbell income statement and identify similarities and differences between the U.S. GAAP income statement and an income statement of an IFRS company as presented in the chapter.
b. Identify any non-recurring items reported by Campbell, if any. Is the reporting of these non-recurring items in the income statement under U.S. GAAP similar to reporting of these items in IFRS companies' income statements? Explain.

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2016 2014 2015 52 weeks 52 weeks 53 weeks $7,961 Net sales $8,082 $8,268 Costs and expenses Cost of products sold 5,181 5,300 5,297 Marketing and selling expenses 893 884 929 Administrative expenses 641 601 576 Research and development expenses 117 122 124 Other expenses (income) 131 24 22 Restructuring charges 31 102 55 Total costs and expenses 7,001 7,028 7,001 1,267 Earnings before interest and taxes 960 1,054 Interest expense 115 108 122 Interest income 4. Earnings before taxes 849 949 1,148 374 Taxes on eamings 286 283 Earnings from continuing operations 563 666 774 Earnings from discontinued operations 81 %3D Net earnings 563 666 855 Less: Net earnings (loss) attributable to noncontrolling interests (11) $ 563 S 666 $ 866 Net earnings attributable to Campbell Soup Company Per Share-Basic $ 1.82 Earnings from continuing operations attributable to Campbell Soup Company $2.13 $2.50 Earnings from discontinued operations .26 $ 1.82 Net earnings attributable to Campbell Soup Company $2.13 $2.76 Weighted average shares outstanding-basic 309 312 314 Per Share-Assuming Dilution $ 1.81 Earnings from continuing operations attributable to Campbell Soup Company $2.13 $2.48 Earnings from discontinued operations .26 $ 2.74 Net earnings attributable to Campbell Soup Company $ 1.81 $2.13 Weighted average shares outstanding-assuming dilution 311 313 316