IFRS content in the income statement is similar to U.S.GAAP in all of the following areas except the disclosure of
A)revenues
B)finance costs
C)extraordinary items
D)tax expense

Question

Quizplus · Accepted Answer

Under IFRS, extraordinary items are not recognized separately in the income statement, whereas under U.S. GAAP, they are disclosed separately after continuing operations. This means that the disclosure of extraordinary items in the income statement is not similar under IFRS compared to U.S. GAAP. However, the disclosure of revenues, finance costs, and tax expense is similar in both accounting standards.

IFRS Content in the Income Statement Is Similar to U