Question

Under IFRS, receivables are generally reported in the current assets section of the statement of financial position. cash and receivables are reported as the last items in the current assets section of the statement of financial position. bank overdrafts are generally reported as cash. All of these answer choices are correct.

Answer 1

Cash and Receivables are reported as the last items in the current assets section of the statement of financial position.

Step-by-step explanation:

In IFRS Cash and receivable are reported as the last items in the current assets section of the statement of financial position whereas under GAAP, these items would be reported in the order of their liquidity.

Hope this clear things up.

Thank You.