International Financial Reporting Standards are tested on the CPA exam along wit
ID: 2421013 • Letter: I
Question
International Financial Reporting Standards are tested on the CPA exam along with U.S. GAAP. The following questions deal with the application of IFRS.
1.Must be classified as an operating cash flow.
2.Can be classified as either an operating cash flow or an investing cash flow.
3.Can be classified as either an operating cash flow or a financing cash flow.
4.Can be classified as either an investing cash flow or a financing cash flow.
International Financial Reporting Standards are tested on the CPA exam along with U.S. GAAP. The following questions deal with the application of IFRS.
In a statement of cash flows prepared under IFRS, interest paidExplanation / Answer
3.Can be classified as either an operating cash flow or a financing cash flow.
IAS7 (IFRSs) gives entity an option to report interest paid and dividends paid as operating cash flow or a financing cash flow.
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