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While each US GAAP and IFRS require the identical minimal parts that must be reported on the Income Statement, similar to revenues, bills, taxes, and internet income, to call just a few, publicly traded companies within the United States have further requirements placed by the SEC on the reporting of monetary statements. For example, IFRS-based monetary statements are only required to report the current period of data and the knowledge for the prior interval. US GAAP has no requirement for reporting prior durations, however the SEC requires that firms present one prior period for the Stability Sheet and three prior durations for the Revenue Assertion. Under each IFRS and US GAAP, corporations can report more than the minimal necessities.
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