Mary Tokar is comparing a GAAP-based company to a company that uses IFRS. Both companies report available-for-sale debt investments. The IFRS company reports unrealized losses on these investments...

Mary Tokar is comparing a GAAP-based company to a company that uses IFRS. Both companies report available-for-sale debt investments. The IFRS company reports unrealized losses on these investments under the heading “Reserves” in its equity section. However, Mary can find no similar heading in the GAAP-based company financial statements. Can Mary conclude that the GAAP-based company has no unrealized gains or losses on its available-for-sale debt investments? Explain.