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How the dissimilarity affects financial reporting

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Question

The following is a difference Between IFRS and U.S. GAAP Statement of Income: Under IFRS, extraordinary items are not segregated in the income statement, while, under US GAAP, they are shown below the net income.

Required:

1. Give a thorough explanation of the above dissimilarity between GAAP and IFRS.

2. Talk about how the dissimilarity affects financial reporting

3. Talk about which of the two GAAP or IFRS is suitable to implement to financial accounting and give your reasons.

Reference no: EM132325738

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