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Question & Answer: Both IFRS and U.S. GAAP allow for comprehensive income to be reported in either a Statement of Stockholders' Equity or a Sta…..

Both IFRS and U.S. GAAP allow for comprehensive income to be reported in either a Statement of Stockholders Equity or a Statement of Recognized Income and Expense. O True False Previous 1 Skip I Save xt t Vev: 1.8 28 1 18 Jol 2017 15:10:5> 10:59 55 PM MST earch

Both IFRS and U.S. GAAP allow for comprehensive income to be reported in either a Statement of Stockholders’ Equity or a Statement of Recognized Income and Expense. True False

Expert Answer

 

Answer is False because US GAAP does not allow or regognize the reporting of Comprehensive income in Statement of Recognized Income and Expense

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