There are two types of body waves: P-waves and S waves. 1  P - waves - are Primary waves. They travel with a velocity that depends on the elastic properties of the rock through which they travel. 2  S-Waves - Secondary waves, also called shear waves.
GAAP requires the following four financial statements: 1  Balance Sheet - statement of financial position at a given point in time. 2  Income Statement - revenues minus expenses for a given time period ending at a specified date. 3  Statement of Owner's Equity - also known as Statement of Retained Earnings or Equity Statement.
The statement of cash flows is required under both methods. The operating, investing and financing sections are required under both, although the presentation may differ under U.S. GAAP and IFRS. For instance, the disclosure rules for the statement of cash flows are much more detailed under U.S. GAAP than IFRS.