Which of the following statements is incorrect?

Both GAAP and IFRS follow the same presentation guidelines for discontinued operations but IFRS defines a discontinued operation more narrowly.

GAAP identifies certain minimum items that should be presented on the income statement. IFRS has no minimum information requirements.

Under IFRS, companies must classify expenses by either nature or function.

IFRS does not mention a single$-$step or multiple$-$step approach.