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#cfa-level-1 #reading-25-understanding-income-statement
Expenses may be grouped and reported in different formats, subject to some specific requirements. For example, Danone reports research and development expenses as a separate line item whereas Kraft combines research costs with marketing and administration costs and reports the total in a single line item.
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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
of chronological information are common. Differences in presentations of items, such as expenses, are also common. Expenses reflect outflows, depletions of assets, and incurrences of liabilities in the course of the activities of a business. <span>Expenses may be grouped and reported in different formats, subject to some specific requirements. For example, Danone reports research and development expenses as a separate line item whereas Kraft combines research costs with marketing and administration costs and reports the total in a single line item. Another difference is how the companies indicate that an amount on the income statement results in a reduction in net income. Danone shows expenses, such as cost of goods s


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