The domination of the pure form of capitalism over the objectives of financial statements (reporting)

Abu-Abbass, Bassam

doi:10.5897/jat12.007

Cited by 1 publication

(1 citation statement)

References 24 publications

(21 reference statements)

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“…Finally, the statement of cash flows, derived from the balance sheet and income statement, measures the cash inflows and outflows for a period of time in order to determine the ability of the entity to generate cash and cash equivalents and the needs of the entity to use these cash flows [4]. This highlights the significance of the statement of cash flow because it aids "users of financial information who are interested in predicting, comparing and evaluating potential cash flows in terms of amount, timing and uncertainty" as per Abu-Abbass, and Al-Abdullah (2012) [5].…”

Section: Introductionmentioning

confidence: 99%

International Accounting Standard 7 – Statement of Cash flows – Compared to the Lebanese General Accounting Plan

Ayoub¹,

Jammoul²,

Mekdessi³

2017

IOSR JBM

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The purpose of this study is to challenge the differences between the statement of cash flows based on the Lebanese general accounting plan and the statement of cash flows as per IAS 7. The study is not limited to IAS 7 (IFRS) but includes ASC 230 (US GAAP) and the French general accounting plan as well. When comparing the statement of cash flows in accordance with ASC 230 and French general accounting plan with the statement of cash flows in accordance with IAS 7 requirements, it is concluded that the differences in classifying cash flows, components of cash and cash equivalents and the format of the statement are insignificant and, eventually, does not affect comparability. However, the comparability of Lebanese general accounting plan with IAS 7, ASC 230 and the French general accounting plan regarding the statement of cash flows is difficult due to the differences in classification of cash flows, components of cash and cash equivalents and the format of the statement. In addition, the theoretical part is supported by a questionnaire that was addressed to auditors in Lebanon. Hence, it is recommended to replace the current statement of cash flows with the recognized format as per IAS 7. In addition, upcoming research should focus more on the statement of cash flows in Lebanon so that reporting is in line with international standards.

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Section: Introductionmentioning

confidence: 99%