The globalization of markets and companies has increased the demand for internationally comparable high quality accounting information resulting from a common set of accounting rules. Despite remarkable efforts of international harmonization for more than 25 years, accounting regulation is still...

IASB and FASB staff are proposing that the direct in addition to the indirect method of presenting operating cash flows should be required. Critics argue that direct presentation would be too costly, less reliable and impede the timely release of filings. Based on a recent report on the...