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

OTHER CONTROL POINTS

Paragraph 4.2.2

The statement of changes in equity may not show components of other comprehensive income and of comprehensive income.

An entity that presents a single statement of comprehensive income must show totals for profit or loss and for comprehensive income.

An entity that presents an income statement must place the statement of comprehensive income immediately after the income statement.

The entity must decide whether to follow a gross-of-tax or a net-of-tax method of presenting other comprehensive income.

The entity must decide whether to follow a gross or a net presentation of reclassification adjustments.

Paragraph 4.2.4

The entity should check if it amended wording from “recognition directly in equity” to “recognition in other comprehensive income”, in line with the post-2007 versions of IAS 1.

Paragraphs 4.3 and 4.3.4

The entity should make sure that the title of the statement of income selected denotes use of IFRSs.

Paragraph 4.4.2

The entity should check how the structure of its U.S. GAAP statement of income reconciles with the IFRSs requirements.

Paragraph 4.5.1

The entity should consider requirements regarding: Presentation of items that are ancillary to the sales transaction, such as: Discount, allowances, rebates, and similar items; Cash discounts; Estimated returns; Sales, use, value added, excise, and similar taxes; Review the policy for sales cash discounts; Recognition of gross versus net revenues;