Review International Accounting Standard 7 (IAS7) statement of cash flows, Discuss the differences in classifications of cash
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Question:
Review International Accounting Standard 7 (IAS7) statement of cash flows,
- Discuss the differences in classifications of cash flows between IFRS and U.S. GAAP.
- What impacts will these have on U.S. companies?
- Explain differences with the classifications of contingent liabilities between U.S. GAAP and IFRS. Include the topics of possible, probable, and bright-line tests.
- When looking at cash and cash equivalents definitions between IFRS and U.S. GAAP, discuss the differences for the following:
- Best estimates
- Risks
- Uncertainties
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