ANSWERE: To create the present framework for state and local government financial reporting, the GASB created the basic financial statement structure and measurement emphasis, certain relevant financial statement notes, and the essential additional material, including management's discussion and analysis (MD&A).
EXPLANATION:
The cash flow statement's sources and uses are of special interest to creditors, investors, and other stakeholders. It gives information on the cash generated by different operations and shows how changes to the asset and liability accounts impact a company's cash position.
The indirect method's statement of cash flows begins with net income or loss and adds or deducts non-cash revenue and cost components from that total to calculate cash flow from operating activities.
The indirect strategy is simpler to set up than the direct method since most organisations keep their records on an accrual basis.
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