The income statement of Mid-South Logistics includes $12 million for vested past service cost. Does Mid-South Logistics

Question:

The income statement of Mid-South Logistics includes $12 million for vested past service cost. Does Mid-South Logistics prepare its according to U.S. or IFRS? Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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...