These are things I've read and heard, but you can never be 100% sure that the sources are right., if the source isn't Michael himself. An example: Jermaine said MJ's favourite colors were gold and red, Taraborrelli said in his book that it was yellow, so who are you going to believe...
GAAP, however, generally requires that these costs be expensed when incurred because it is difficult determine their future benefits and relation to future revenues (the matching principle). Unless there are large amounts of organizational expenses, they are usually expensed for GAAP and financial reporting purposes.
Thus, net incomereported under GAAP appears to be higher. Themedian net income value is higher under IFRS, how-ever ($3,092 million under IFRS versus $2,858 millionunder GAAP). Figure 4 shows results of the analysis of differ-ences between IFRS-and GAAP-reported financialnumbers. Bolt-Lee and Smith provide a review of several IFRS-related recent studies. 10 4. Differences Between IFRS and U.S. GAAP While there are areas of difference between U.S.GAAP and IFRS, similarities exceed differences.Differences can be regarded as cosmetic or sub-stantive.