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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How do GAAP and IFRS differ in the reporting of interest expense on the statement of cash flows?

To determine

Explain the manner in which the GAAP and IFRS differ while reporting interest expense on the statement of cash flows.

Explanation

Bond Interest Expense:

The amount of interest that is accrued to be paid on the face value of bond is called bond interest expense.

  • Under GAAP, the reporting of interest expense is included in the operating activities section of ca...

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