Both U.S.GAAP and IFRS permit considerable flexibility with respect to the display of information in the statement of cash flows.Firms must report cash flows from operations, investing, and financing for the _____.
A)current year
B)current year and the prior year
C)current year and the prior two years
D)current year and the prior three years
E)current year and the prior four years

Question

Quizplus · Accepted Answer

Both U.S. GAAP and IFRS require firms to report cash flows from operations, investing, and financing for the current year and the prior two years. Therefore, choice C is the correct answer. The other options are not consistent with the requirements of both U.S. GAAP and IFRS.

Both USGAAP and IFRS Permit Considerable Flexibility with Respect to the the Display