Response to the following questions:
1. How is the reporting of income taxes paid different under IFRS compared to U.S. GAAP?
2. Define the direct method of reporting the cash flows from operating activities of a company.
3. List the three operating cash inflows that a company reports under the direct method.
4. List the five operating cash outflows that a company reports under the direct method.
If possible, please give examples to better understand your response.