ACC 300 Chapter 4

Question 1

Similarities for GAAP and IFRS

Answer 1

Net income attributable to noncontrolling interest, unusual income items are reported in income before tax, same for discontinued items, same idea for comprehensive income

Question 2

Differences for GAAP and IFRS

Answer 2

Ifrs doesnt have single vs multi step income, ifrs must classify expenses by either nature or function, ifrs has min items on income statement, ifrs doesnt define key measures like income from operations, revaluation of ppe and intangible go other comprehensive income

Question 3

Other comprehensive income

Answer 3

Includes those gains and lossed that bypass net income but affect stockholders equity