FAS 1, para 54 provides that the statement of income should differentiate between cash flows from operations, cash flows from investing activities and cash flows from financing activates

Question

Quizplus · Accepted Answer

FAS 1, para 54 does not exist; the statement of cash flows and its classifications are outlined in FASB ASC 230, not FAS 1. FAS 1 refers to the Statement of Financial Accounting Standards No. 1, which established the framework for the Financial Accounting Standards Board (FASB) but does not detail specific accounting treatments for cash flows.

FAS 1, Para 54 Provides That the Statement of Income