Summarize IFRS/GAAP differences from the following:

Differences Presentation of the income statement under GAAP follows either a single-step or multiple-step format. IFRS does not mention a single-step or multiple-step approach. Under IFRS, companies must classify expenses by either nature or function. GAAP does not have that requirement, but the SEC requires a functional presentation. IFRS identifies certain minimum items that should be presented on the income statement. GAAP has no minimum information requirements. However, the SEC rules have more rigor-ous presentation requirements. IFRS does not define key measures like income from operations. SEC regulations define many key measures and provide requirements and limitations on companies reporting non-GAAP/ IFRS information. Under IFRS, revaluation of property, plant, and equipment, and intangible assets is permitted, with gains reported as other comprehensive income. The effect of this difference is that applica-tion of IFRS results in more transactions affecting equity but not net income.