Match each term$/$concept with appropriate set of reporting standards.

Group of answer choices

Balance Sheet

GAAP

Statement of Financial Position

IFRS

Net Income $($Loss$)$

GAAP

Profit $($Loss$)$

GAAP

Payable

GAAP

Provision

IFRS

Rules$-$based approach

IFRS

Principles$-$based approach

IFRS

Capital and Reserves

GAAP

Uses Sarbanes$-$Oxley Act