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The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting by Francesco Bellandi

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4.3 CONTEXT OF STATEMENTS

4.3.1 Whether a Statement is Required

Paragraph 4.2 previously explains that a statement of income is mandatory under IFRSs.

U.S. GAAP sanctions the results of operations as being integral to a complete set of financial statements.45 Results of operations consist of a statement of income and a statement of retained earnings, or a combination of these two statements, such as the statement of income and retained earnings.46

Regulation S-X requires statements of income.47 Form 20-F requires an income statement.48

Planning Point: The wording of Form 20-F, both on an annual and interim basis,49 is compatible with both IAS 1 prior to and after the 2007 release, to include a sort of statement of recognized income and expense (SORIE).50

4.3.2 Titles of Statements

For annual periods beginning on or after July 1, 2012, the 2011 Amendments to IAS 1 introduce the titles statement of profit or loss and other comprehensive income, or separate statement of profit or loss and statement presenting comprehensive income.51 However, both Subsection 220-10-45-4 (FASB Statement No. 130) and IAS 1 allow alternative terminology for the statements of income.52 U.S. GAAP also uses statement of financial performance and statement of earnings for the income statement.53 Statement of earnings and comprehensive income and combined statement of income and comprehensive income are synonyms.54 For fiscal years ending after December 15, 2012 and subsequent annual and interim periods, ...

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