Financial Statements Both U.S. GAAP and IFRS prepare the same four basic financial statements.

To illustrate, a condensed version of Samsung’s income statement follows using Korean IFRS (numbers are in thousands of U.S. dollars). Appendix A to the book has a full set of financial statements for Samsung along with those for Apple and Google.

Status of IFRS IFRS is now adopted or accepted in over 115 countries. These countries and jurisdictions cover 97% of the global gross domestic product (GDP). For updates on global accounting, we can check with the AICPA (aicpa.org), FASB (fasb.org), and IASB (ifrs.org).

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SAMSUNG Income Statement ($ thousands) For Year Ended December 31, 2015 $177,365,404 Revenues.. Cost of sales Cost of selling, wages, depreciation, and other expenses, net Tax expense... Net income (profit) 109,150,639 45,266,834 6,099,929 $ 16,848,002