[Anonymous]

I am using Becker and on page 47 on the bottom of the page there is a box about U.S vs. IFRS.

I do not exactly understand what IFRS requires.

Condensed balance sheets (statements of financial position) as of the end of the current interim period and as of the end of the immediately preceding financial year. What does this mean? Can someone states these 4 requirements in simple words for me? Thanks in advance! I need all 4 points in simple words please!