Both U.S.GAAP and IFRS require the presentation of an income statement and the presentation of the items of Other Comprehensive Income.U.S.GAAP permits the following reporting format(s) except for:
A)a single statement of comprehensive income that shows all the changes in net assets except from transactions with owners.
B)a two-statement presentation that includes an income statement and a separate statement of comprehensive income.
C)a separate display of the items comprising Other Comprehensive Income within a statement of changes in shareholders' equity.
D)a separate display of the items comprising Other Comprehensive Income within a statement of retained earnings.
E)All of the above are acceptable reporting formats.

Question

Quizplus · Accepted Answer

U.S.GAAP does not permit a separate display of the items comprising Other Comprehensive Income within a statement of retained earnings. Instead, U.S.GAAP requires the presentation of Other Comprehensive Income either within a statement of comprehensive income or within a separate statement of comprehensive income, or as a component of the statement of changes in shareholders' equity.

Both USGAAP and IFRS Require the Presentation of an Income Statement