1. What are the major differences in the calculation of income between the historical cost (HC) model and the general purchasing power (GPP) model of accounting? (9 points)

2. Define control. When does control exist in accordance with IAS 27? (8 points) 3. What are the major differences in the segment information required to be reported in accordance with IFRS and in accordance with U.S. GAAP? (8 points)