Expenses in an income statement prepared under International Financial Reporting Standards (IFRS):

Question

Quizplus · Accepted Answer

Expenses in an income statement prepared under IFRS can be classified either by function or by natural description, depending on which provides more relevant information to the users of the financial statements. This is in contrast to US GAAP, which generally requires the functional classification of expenses.

Expenses in an Income Statement Prepared Under International Financial Reporting