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