Is the presentation of the statement of net income under IFRS and U$.$S$.$ GAAP$$ identical? Explain.

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Part $1$

A$.$

Yes. U$.$S$.$ GAAP and IFRS reporters can present identical statements of net income. Both U$.$S$.$ GAAP and IFRS have the same requirements.

B$.$

Yes. U$.$S$.$ GAAP and IFRS reporters can present identical statements of net income. Both U$.$S$.$ GAAP and IFRS have the same requirements.

C$.$

No$.$ While U$.$S$.$ GAAP and IFRS reporters could present the same statement of net$$ income, IFRS requires $6$ key items to be reported on the statement of net$$ income: $1.$ Revenue, $2.$ Finance$$ costs, $3.$ Share of $$ income$/$loss of$$ associates, $4.$ Tax$$ expense, $5.$ After$-$tax profit or loss on discontinued$$ operations, and $6.$ Net$$ Income, also called Profit or Loss.

D$.$

No$.$ While U$.$S$.$ GAAP and IFRS reporters could present the same statement of net$$ income, U$.$S$.$ GAAP requires $6$ key items to be reported on the statement of net$$ income: $1.$ Revenue, $2.$ Finance$$ costs, $3.$ Share of $$ income$/$loss of$$ associates, $4.$ Tax$$ expense, $5.$ After$-$tax profit or loss on discontinued$$ operations, and $6.$ Net$$ Income, also called Profit or Loss.