How is reporting for other comprehensive income (OCI) different between U.S. GAAP and IFRS?
A) U.S. GAAP allow either a one-statement approach or a two-statement approach while IFRS require a two-statement approach using the direct method.
B) U.S. GAAP allow either a one-statement approach or a two-statement approach while IFRS require a two-statement approach and allow more items to be classified as OCI.
C) Both U.S. GAAP and IFRS allow either a one-statement approach or a two-statement approach while IFRS require the direct method.
D) Both U.S. GAAP and IFRS allow either a one-statement approach or a two-statement approach while IFRS allow more items to be classified as OCI.
Answer: D
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