Only one to two paragraphs please:IntermediateAccounting I – Disscussion’Statement of Cash Flows’ Pleaserespond to the following:· From the e-Activity, compare the major similarities anddifferences between IFRS and GAAP in regard to authoritative guidance of thestatement of cash flows. Identify two (2) differences in IFRS and GAAP, andsuggest to the IFRS board which GAAP technique it should implement. Explain theprimary way in which the differences you selected will benefit financialstatement users.· Compare and contrast each of the types of financial statements:balance sheet, income statement, and statement of cash flows. Give your opinionof the statement that is most useful to creditors. Provide at least two (2)specific examples of such usefulness to creditors.· e-acivity – Goto the International Financial Reporting Standards (IFRS) Website to reviewauthoritative guidance of the statement of cash flows, located athttp://www.ifrs.org. To find literature onauthoritative guidance, in the search engine type in “statement of cash flows”Be prepared to discuss.
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