Provide a summary of differences between the IFRS income statement and a typical income statement prepared using U.S. GAAP.

Each of the Big 4 auditors along with Grant Thornton and BDO international provide illustrative financial statements on their web pages (www.pwc.com, www.grantthornton.com, www.kpmg.com, www.bdointernational.com, www.iasplus.com/fs/fs.htm, www.ey.com/global).

Using the Web pages, find an example of a financial statement prepared using IFRS.

1. Provide a summary of differences between the IFRS income statement and a typical income statement prepared using U.S. GAAP.

2. Provide a summary of differences between the IFRS balance sheet and a typical balance sheet prepared using U.S. GAAP.

3. Discuss three advantages of using IFRS accounting with financial statements to an end user.

4. Discuss three disadvantages of using IFRS accounting with financial statements to an end user.