Below is the income statement for a British company, Avon Rubber plc. Avon prepares its financial statements in accordance with IFRS. MI Avon Rubber plc Consolidated Income Statement (pounds in thousands) Current Year Prior Year 107,600 (77,892) 29,708 (4,832) (13,740) 117,574 (89,256) 28,318 (4,527) (14,536) 11,136 9,255 15,723 (4,587) 11,136 13,577 (4,322) 9,255 Continuing operations Revenue Cost of sales Gross profit Distribution costs Administrative expenses Other operating income Operating profit/(loss) from continuing operations Operating profit/(loss) is analysed as: Before depreciation, amortization and exceptional items Depreciation and amortization Operating profit/(loss) before exceptional items Exceptional operating items Finance income Finance costs Other finance income Profit/(loss) before taxation Taxation Profit/(loss) for the year from continuing operations Earnings/(loss) per share Basic Diluted Earnings/(loss) per share from continuing operations Basic Diluted 5 (486) (443) 16 (985) (1,152) 7,134 (2,808) 4,326 10,212 (3,094) 7,118 25.2p 15.2p 23.3p 14.4p 25.2p 23.3p 15.2p 14.4p Review the Avon Rubber income statement and identify at least three differences between the IFRS income statement and an income statement of a U.S. company as presented in the chapter. Identify any irregular items reported by Avon Rubber. Is the reporting of these irregular items in Avon's income statement similar to reporting of these items in U.S. companies' income statements? Explain