46. Which of the following is true regarding the statement of cash flows and IFRS?

a. Cash and cash equivalents are defined differently under IFRS than under GAAP.

b. Companies preparing a complete set of financial statements under IFRS may exclude

the statement of cash flows if the cash flow activity is reported in the notes to the

financial statements.

c. Under IFRS most companies choose to use the direct method of reporting cash flows

from operating activities.

d. Under IFRS noncash investing and financing activities are excluded from the statement

of cash flows and instead are presented in the notes to the financial statements.