Sample Essay

The statements of cash flows prepared under both UK GAAP and FASB require disclosures of all the cash receipts and disbursements during the period and any other details related to the increase or decrease of working capital, fixed assets and financial changes to be included in the notes accompanying the financial statements.

Although the statements prepared under both standards present the same increase or decrease in cash during the period, the statement prepared using UK GAAP presents information in a manner which is quite helpful in understanding the management strategy as it discloses the receipts and payments from sources which are not highlighted in other statements such as acquisitions and disposal of subsidiaries and joint ventures. The notes accompanying the statement provide the details of changes in the individual components of the company debt which may be quite useful in making several decisions.

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