For many years, company financial statements consisted of a statement of financial position and a statement of

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For many years, company financial statements consisted of a statement of financial position and a statement of profit and loss prepared using the accruals basis. Many also have to include a statement of cash flows.
Required
a. Explain why a statement of cash flows is considered to add value to the information already available in the statement of financial position and the statement of profit and loss.
b. Itemize the different sections that IAS 7 requires to be included in the statement of cash flows and explain the information each one can provide to users.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Introduction To Financial Accounting

ISBN: 978-0077138448

7th edition

Authors: Anne Marie Ward, Andrew Thomas

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