All of the following statements related to U.S. GAAP and IFRS are true except:
U.S. GAAP offers little guidance about the presentation order of expenses.
Accounting for basic inventory transactions is the same under the two systems.
Neither system requires separate disclosure of items when their size, nature, or frequency are important for proper interpretation.
Neither system defines operating income.
The closing process for merchandisers is the same under both systems.