The standards for private entity GAAP and IFRS include numerous differences.Which of the following statements best describes the requirements for the preparation and presentation of the cash flow statement?
A)Both standards allow the use of the indirect or direct method
B)Private entity GAAP permits the use of the direct method only
C)IFRS permits the use of the single-step method only
D)(b) and (c)

Question

Quizplus · Accepted Answer

Both private entity GAAP and IFRS allow the use of the indirect or direct method for the preparation and presentation of the cash flow statement.

The Standards for Private Entity GAAP and IFRS Include Numerous