Response each of the following questions related to international accounting standards.
a. Explain how the accounting for merchandise purchases and sales is different between accounting under IFRS versus U.S. GAAP.
b. Income statements prepared under IFRS usually report an item titled finance costs. What do finance costs refer to?
c. U.S. GAAP prohibits alternative measures of income reported on the income statement. Does IFRS permit such alternative measures on the income statement?