Only one to two paragraphs please:
Intermediate
Accounting I – Disscussion
“Statement of Cash Flows” Please
respond to the following:
·
From the e-Activity, compare the major similarities and
differences between IFRS and GAAP in regard to authoritative guidance of the
statement of cash flows. Identify two (2) differences in IFRS and GAAP, and
suggest to the IFRS board which GAAP technique it should implement. Explain the
primary way in which the differences you selected will benefit financial
statement users.
·
Compare and contrast each of the types of financial statements:
balance sheet, income statement, and statement of cash flows. Give your opinion
of the statement that is most useful to creditors. Provide at least two (2)
specific examples of such usefulness to creditors.
·
e-acivity – Go
to the International Financial Reporting Standards (IFRS) Website to review
authoritative guidance of the statement of cash flows, located athttp://www.ifrs.org. To find literature on
authoritative guidance, in the search engine type in “statement of cash flows”
Be prepared to discuss.
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