Question:
The statement of cash flows for the year ended December 31, 2013, for Bronco Metals is presented
below.
Required:
Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to
International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used
most often in IFRS financial statements.
Answer:
Consistent with U.S. GAAP, international standards also require a statement of cash flows. Consistent
with U.S. GAAP, cash flows are classified as operating, investing, or financing. However, the U.S.
The statement of cash flows for the year ended December 31, 2013, for Bronco Metals is presented
below.
Required:
Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to
International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used
most often in IFRS financial statements.
Answer:
Consistent with U.S. GAAP, international standards also require a statement of cash flows. Consistent
with U.S. GAAP, cash flows are classified as operating, investing, or financing. However, the U.S.
