The Income statement is
A) required under GAAP but not under IFRS.
B) required under IFRS in the same format as under GAAP.
C) required under IFRS but not under GAAP.
D) required under IFRS with some differences as compared to GAAP.

Question

Quizplus · Accepted Answer

While the Income Statement is required under both GAAP and IFRS, there are some differences in the requirements and format. For example, IFRS allows for a more flexible presentation of expenses and revenues, while GAAP has stricter requirements. Therefore, the Income Statement is required under IFRS with some differences compared to GAAP.

The Income Statement Is