Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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The format of financial statements varies from country to country. The FASB and IASB propose
that financial statements in the future be organized using the same format currently used in the
statement of cash flows-operating, investing, and financing activities. This would greatly change
the current format used to prepare the income statement and the balance sheet.
Required:
1. Explain the differences among operating, investing, and financing activities. You might want to
refer back to the first section in Chapter 11 on the statement of cash flows.
Briefly describe the types of information concerningfinancial position, income, and cash flows that might beprovided (a) within the main body of the financial statements,(b) in the notes to the financial statements, or (c) assupplementary information.
Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Disclosure of interest and income taxes paid if the indirect method is used. 2. Primary objectives of a statement of cash flows. 3. Disclosure of noncash investing and financing activities.
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- . All entities that prepare financial statements in conformity with PFRSs are required to present a statement of cash flows. * true or false?arrow_forwardWhat advantage do you see in compiling financial data into standardized statements like the Income Statement, Statement of Cash Flows and the Balance Sheet?arrow_forwardAccess the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items: 1. The calculation of the weighted average number of shares for basic earnings per share purposes. 2. The alternative formats permissible for reporting comprehensive income. 3. The classifications of cash flows required in the statement of cash flows.arrow_forward
- contrast cash fl ow statements prepared under International Financial Reporting Standards(IFRS) and US generally accepted accounting principles (US GAAP);arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to the income statement, statement of comprehensive income, and statement of cash flows.arrow_forwardExplain the purpose of SFAC No. 7: “Using Cash Flow Information and Present Valuein Accounting Measurements.arrow_forward
- Where can we find authoritative guidance for the statement of cash flows under IFRS?arrow_forwardWhat is the purpose of the statement of cash flows in financial reporting, and how does it provide valuable information to users of the financial statements?arrow_forwardFinancial statements generally include all BUT which of the following? Group of answer choices A. Income statement B. Government income tax return C. Balance sheet D. Statement of cash flowsarrow_forward
- One output of the accounting information system is the balance sheet. Transactions commonly associated with an organization's purchases and cash disbursements cycle are most likely to be reflected in which sections of balance sheet? A Current assets and current liabilities B Current assets and long-term liabilities C Long-term assets and current liabilities D Long-term assets and long-term liabilitiesarrow_forwardArticulation of the Statement of Cash Flows with Other Financial Statements. Describe how the statement of cash flows is linked to each of the other financial statements (income statement and balance sheet). Also, review how the other financial statements are linked with each other. Please explain without copying from another source.arrow_forwardExplain the purpose of the statement of cash flows and why this statement is needed.arrow_forward
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