Under IFRS, cash and cash equivalents are reported:(a) the same as GAAP.(b) as separate items.(c) similar to GAAP, except for the reporting of bank overdrafts.(d) always as the first items in the current assets section.

Under IFRS, cash and cash equivalents are reported:(a) the same as GAAP.(b) as separate items.(c) similar to GAAP, except for the reporting of bank overdrafts.(d) always as the first items in the current assets section.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 26GI

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Under IFRS, cash and cash equivalents are reported:
(a) the same as GAAP.
(b) as separate items.
(c) similar to GAAP, except for the reporting of bank overdrafts.
(d) always as the first items in the current assets section.

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