Reporting Quality (LM10)

The IFRS company may capitalize development costs if criteria are met, while the US GAAP company generally expenses them as incurred.

The US GAAP company may report extraordinary items separately after tax, while the IFRS company may not.

The IFRS company may use LIFO inventory costing, while the US GAAP company may not.

The US GAAP company may revalue PP&E upward, while the IFRS company must use historical cost only.