Find 3 major differences on the income statement between the competitor firms using IFRS and GAAP. Discuss.

Find 3 major differences on the balance sheet between the competitor firms using IFRS and GAAP. Discuss.

Describe at least 2 differences in disclosure provided in the footnotes of the competitors under IFRS and GAAP.

For 1 of the major accounting differences, do further research into the applicable standards for IFRS and US GAAP. Quote portions from each standard and then explain the standards in your own words.

Answer rating: 100% (QA)

1 Statement of Income Under IFRS extraordinary items are not segregated in the income statement With GAAP they are shown below the net income A companys cash flow statement is also prepared differentl... View the full answer