IASB and FASB made significant progress toward a common framework but the two still differ in many respects
- IASB list income and expenses as element
- FASB list revenue, expenses, gains, losses and comprehensive income
- FASB: defined as future economic benefits
- IASB: Defined as a resource from which a future economic benefits flow
- FASB does not allow the upward evaluation of most assets
- Company’s financial results have been reported under alternative reporting system.
Special financial reporting format is applied to particular industries.