6 STATEMENT OF CASH FLOWS

INTRODUCTION

IAS 7, Cash Flow Statements, became effective in 1994. IAS 7 had originally required reporting entities to prepare a statement of changes in financial position (commonly referred to as a funds flow statement) as part of a complete set of financial statements. The IASB has amended the title of IAS 7 from Cash Flow Statements to Statement of Cash Flows (the title used in the US) as a consequence of the latest revision of IAS 1, Presentation of Financial Statements, itself a result of the IASB and FASB deliberations on the first phase of the Financial Statement Presentation project. The statement ...

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