Sample content ACC 557 Week 9 DQ1 “Cash Flow Reporting” Please respond to the following: Given the complexities related to preparing and interpreting the statement of cash flow, evaluate the current requirement under GAAP and IFRS, indicating improvements that you would make to each method’s requirement to better serve the users of the information. Provide a rationale for your changes. Analyze the impact of erroneous classifications in the Operating Activities section of the statement of cash flows, detailing how the distortion can impact the decisions made by financial statement users. Suggest how these errors may be minimized There are definitely some very distinct differences in the requirements of the GAAP and IFRS preparation and interpretation of the statement of cash flow. Under the IFRS the statement of cash flow is “required for most entities” while the GAAP states that “statement of cash flow is required for all entities” (Epstein, 2010). By the IFRS not

1. ACC 557 Week 9 DQ1
Link : http://uopexam.com/product/acc-557-week-9-dq1/
Sample content
ACC 557 Week 9 DQ1
“Cash Flow Reporting” Please respond to the following:

2. Given the complexities related to preparing and interpreting the statement of cash
flow, evaluate the current requirement under GAAP and IFRS, indicating
improvements that you would make to each method’s requirement to better serve
the users of the information. Provide a rationale for your changes.
Analyze the impact of erroneous classifications in the Operating Activities section
of the statement of cash flows, detailing how the distortion can impact the decisions
made by financial statement users. Suggest how these errors may be minimized
There are definitely some very distinct differences in the requirements of the
GAAP and IFRS preparation and interpretation of the statement of cash flow.
Under the IFRS the statement of cash flow is “required for most entities” while the
GAAP states that “statement of cash flow is required for all entities” (Epstein,
2010). By the IFRS not requiring a statement of cash flow for all entities it can be
difficult to set a common standard for all companies. As an improvement to the
IFRS’s requirement I would recommend requiring that a statement of cash flow be
complet
http://uopexam.com/product/acc-557-week-9-dq1/