Required information Learning Objective $04-09$ Discuss the primary differences between U$.$S$.$ GAAP and IFRS with respect to the income statement, statement of comprehensive income, and statement of cash flows. Skip to question $[$The following information applies to the questions displayed below.$]$ There are more similarities than differences between income statements and statements of cash flows prepared according to U$.$S$.$ GAAP and those prepared applying international standards. In a statement of cash flows, some differences are possible in the classifications of interest and divided revenue, interest expense, and dividends paid. IFRS $$ Income Statement Access the text alternative for IFRS $$ Income Statement. Will open in a new tab or window. Internet connection required. Knowledge Check $01$ Which of the following statements about the income statement is correct? Note: Select all that apply. Check All That Apply International standards require certain minimum information to be reported on the face of the income statement. International standards require certain minimum information to be reported on the face of the income statement. International standards and U$.$S$.$ GAAP require certain minimum information to be reported on the face of the income statement. International standards and U$.$S$.$ GAAP require certain minimum information to be reported on the face of the income statement. International standards allow expenses to be classified by natural description. International standards allow expenses to be classified by natural description. International standards describe the $$bottom line$$ of the income statement as either net income or net loss.