DipIFR-Session30 d08 Statement of Cashflows

SESSION 30 IAS 7 STATEMENT OF CASH FLOWS
Accountancy Tuition Centre (International Holdings) Ltd 2008 3001

Overview
Objective
To provide information about historical changes in cash and cash equivalents
by means of a statement of cash flows which classifies cash flows during the
period from operating, investing and financing activities.

SCOPE
PRESENTATION
INVESTING AND
FINANCING
ACTIVITIES
OPERATING
ACTIVITIES
COMPONENTS OF
CASH AND CASH
EQUIVALENTS
Direct method
Indirect method
Techniques
Which method?

Reconciliation
Classification

PROFORMA
Direct method
Indirect method
Notes to the statement of cash flows
Separate reporting
Investing activities
Financing activities
Applies to all entities
Importance of cash flow
Benefits of cash flow
information
Definitions

ADDITIONAL
DISCLOSURES
Analysis
Major non-cash transactions
Voluntary disclosures

Commentary
The title of IAS 7 was amended from Cash Flow Statements to Statement of Cash
Flows in September 2007 as a consequence of the revision of IAS 1 Presentation of
Financial Statements.
1 Scope
1.1 Applies to all entities
Users of financial statement are interested in cash generation regardless of the
nature of the entitys activities.
Entities need cash for essentially the same reasons:
to conduct operations;
to pay obligations;
to provide returns to investors.
Profit is not the same as cash . . . . and profitability does not mean liquidity
(even profitable companies crash).
1.2 Importance of cash flow
To show that profits are being realised
(e.g. that trade receivables are being recovered).
To pay dividends.
To finance further investment (which will generate more cash).
1.3 Benefits of cash flow information
Provides information that enables users to evaluate changes in:
net assets;
financial structure (including its liquidity and solvency);
ability to affect amounts and timing of cash flows (to adapt to
changing circumstances and opportunities).
Useful in assessing ability to generate cash and cash equivalents.
Users can develop models to assess and compare the present value of future
cash flows of different entities.
Enhances comparability of reporting operating performance by different
entities (by eliminating effects of alternative accounting treatments).
Historical cash flow information may provide an indicator of the amount,
timing and certainty of future cash flows.

Commentary
Focus on cash management can also improve results (e.g. with lower interest charges
and having cash resources available on a timely basis (e.g. for investment).
1.4 Definitions
Cash cash on hand and demand deposits.
Cash equivalents short-term, highly liquid investments:
readily convertible to known amounts of cash;
subject to an insignificant risk of changes in value;
excluding equity investments unless they are, in substance, cash
equivalents (e.g. preferred shares acquired within a short period of
their maturity and a specified redemption date).

Commentary
Cash equivalents are treated as cash because if they were not, the liquidity of
entities which manage their cash effectively (e.g. employing overnight deposit
facilities, buying bonds etc) would not look as good as it actually was.
Illustration 1

Notes to the consolidated financial statements (extract)
Cash and cash equivalents

Bank and cash consist of cash at bank and in hand. Cash equivalents consist
of highly liquid available-for-sale investments purchased with remaining
maturities at the date of acquisition of three months or less.
Nokia in 2006

Cash flows inflows and outflows of cash and cash equivalents.
Operating activities principal revenue-producing activities and other
activities that are not investing or financing activities.
Investing activities acquisition and disposal of long-term assets and other
investments not included in cash equivalents.
Financing activities result in changes in the size and composition of equity
capital and borrowings. Bank borrowings generally included.

Commentary
Where bank overdrafts are repayable on demand and form an integral part of
cash management (characteristically balance fluctuates from positive to
overdraft) they are included in cash and cash equivalents.
2 Presentation

Commentary
A statement of cash flows is essentially a list of cash in and cash out
reconciling opening and closing cash balances.
2.1 Classification
IAS 7 requires cash inflows and outflows to be analysed across three headings:
Operating Investing Financing
Key indicator of sufficiency of
cash flows to:
repay loans;
maintain operating
capability;
pay dividends;
make new investments.
without recourse to external
sources of finance
Separate disclosure is
important cash flows
represent extent to which
expenditures have been
made for resources
intended to generate
future income and cash
flows

Examples
Separate disclosure is
useful in predicting
claims on future cash
flows by providers of
capital

Examples
Useful in forecasting future
operating cash flows.
Payments to acquire/
receipts from sales of:
Cash proceeds from
issuing:
Primarily derived from principal
revenue-producing activities.
Generally result from
transactions and events so
included in profit or loss.
Examples
Cash receipts from:
sale of goods/rendering
services;
royalties, fees,
commissions.
Cash payments to:
suppliers for goods/services;
and on behalf of employees.
property, plant and
equipment,
intangibles;
equity or debt
instruments of other
entities and interests
in joint ventures.
Cash advances and loans
made to other parties and
repayments thereof.

shares/equity
instruments;
Debentures, loans,
notes, bonds,
mortgages, other
short or long-term
borrowings.
Cash payments to
owners to acquire or
redeem own shares.
Cash repayments of
borrowings.

2.2 Illustration 2
Bayer Group Consolidated Statements of Cash Flows

million Note 2005 2006

Income after taxes from continuing operations 1,374 1,526
Income taxes 538 454
Non-operating result 602 782
Income taxes paid (463) (763)
Depreciation and amortization 1,608 1,913
Change in pension provisions (501) (295)
(Gains) losses on retirements of noncurrent assets (44) (133)
Non-cash effects of the remeasurement
of acquired assets (inventory work-down)

429
Gross cash flow 3,114 3,913

Decrease (increase) in inventories (130) (155)
Decrease (increase) in trade accounts receivable 211 (201)
(Decrease) increase in trade accounts payable (117) 130
Changes in other working capital, other non-cash items 149 241
Net cash provided by (used in) operating activities
(net cash flow), continuing operations

[33]

3,227 3,928
(net cash flow), discontinuing operations

[7.2]

275 275
(net cash flow), total

3,502 4,203

Cash outflows for additions to property, plant,
equipment and intangible assets

(1,389) (1,876)
Cash inflows from sales of property, plant and equipment and other assets 105 185
Cash inflows from divestitures 293 489
Cash inflows from noncurrent financial assets 1,189 850
Cash outflows for acquisitions less acquired cash (2,188) (15,351)
Interest and dividends received 451 686
Cash inflows (outflows) from current financial assets (202) 287
Net cash provided by (used in) investing activities (total) [34] (1,741) (14,730)

Capital contributions 0 1,174
Bayer AG dividend and dividend payments to minority stockholders,
reimbursements of advance capital gains tax payments

(440) (535)
Issuances of debt 2,005 13,931
Retirements of debt (2,659) (3,216)
Interest paid (787) (1,155)
Net cash provided by (used in) financing activities (total) [35] (1,881) 10,199

Change in cash and cash equivalents due to business activities (total) (120) (328)

Cash and cash equivalents at beginning of year 3,570 3,290

Change in cash and cash equivalents due to changes in scope of consolidation (196) (2)
Change in cash and cash equivalents due to exchange rate movements 36 (45)

Cash and cash equivalents at end of year [36] 3,290 2,915
2005 figures restated


Commentary
Although the illustration above is a consolidated statement of cash flows,
only the single entity statement is examinable.
3 Reporting cash flows from operating activities
There are two ways permitted to present cash flows from ordinary activities:
Either
3.1 Direct method
Or
3.2 Indirect method
Discloses major classes of gross cash
receipts and gross cash payments.
Information obtained either From
accounting records; or
Adjusts net profit or loss for effects
of:
non-cash transactions (e.g.
depreciation);
By adjusting sales, cost of sales for:
changes during period in
inventories and operating
receivables and payables;
other non-cash items;
other items for which cash
effects are investing/financing
cash flows.
any deferrals or accruals of past
or future operating cash receipts
or payments;
items of income or expense
associated with investing or
financing cash flows.

Commentary
The direct method is ENCOURAGED as it provides information useful in
estimating future cash flows which is not available under indirect method.
3.3 Techniques
3.3.1 Direct method
Steps 1 Cash receipts from customers
Less cash paid to suppliers and employees
Cash generated from operations
Step 2 Payments for interest and income taxes
Net cash from operating activities

3.3.2 Indirect method
Step 1(a) Start with profit before tax.
Step 1(b) Adjust for non-cash items and investing and financing items
accounted for on the accruals basis.
Operating profit before working capital changes
Step 1(c) Making working capital changes.
Cash generated from operations (same as figure calculated
under direct method).
3.4 Which method?
IASB encourages, but not require, the use of the direct method.
3.4.1 Advantages of the direct method
Reporting the major classes of operating cash receipts and payments better
reveals an entitys ability to generate sufficient cash from operations to pay
debts, reinvest in operations, and make distributions to owners. Thus it better
fulfils information needs for decision-making purposes.

Commentary
In particular, being able to see cash paid is particularly important to many
users.
The format is simpler to understand.
3.4.2 Disadvantages of the direct method
Many entities do not collect information that would allow them to determine
the information necessary to prepare the direct method.
It effectively presents items of profit or loss on a cash rather than an accrual
basis. This may suggest, incorrectly, that net cash flow from operations is a
better measure of performance than profit per the statement of comprehensive
income.

Commentary
The direct method is also sometimes called the income statement method.
It requires supplemental disclosure of a reconciliation of net income and net
cash. (However, the incremental cost of providing the additional information
disclosed in the direct method is not significant.)
3.4.3 Advantages of the indirect method
It focuses on the difference between profit or loss and net cash flow from
operations.

Commentary
The indirect method is also sometimes called the reconciliation method.
It provides a useful link between cash flows, the statement of comprehensive
income, and the statement of financial position.

Commentary
The indirect method is much more widely used in practice.
4 Investing and financing activities
4.1 Separate reporting
Major classes of gross cash receipts and gross cash payments arising from
investing and financing activities should be reported separately.
4.2 Investing activities
Purchase of property plant and equipment this must represent actual
amounts paid.
Proceeds from sales of tangible assets.
Worked example 1

2007 2006
Statement of financial position (extract) $m $m
Non-current assets 10,000 9,000
Further information
Depreciation during the year 1,000
Net book value of assets disposed of 100

Required:

Calculate additions in the period.

Worked solution 1
Balance b/f 9,000
Depreciation (1,000)
Disposals (100)
Additions (Balancing figure) 2,100
Balance c/f 10,000

4.3 Financing activities
Again the approach is to reconcile movements between the statements of
financial position to identify the cash element.
Worked example 2

2007 2006
Statement of financial position (extracts) $m $m
Share capital 150 100
Share premium 48 40

During the period the following transactions affected share capital
(1) The entity issued shares with a nominal value $10m (Share premium $2m) to
acquire an interest in a subsidiary
(2) The entity issued shares for cash. The expense of the issue was $1m. This
has been debited to the share premium account.
Required:

Calculate the cash raised from the share issue.

Worked solution 2
Share
capital
Share
premium

Balances at the end of the reporting period 150 48
Add: Expenses of the share issue 1
150 49
Less: Non-cash transaction (10) (2)
140 47
Less: Balances at the beginning of the reporting
period
(100) (40)
40 7
Cash raised
47

5 Components of cash and cash equivalents
5.1 Reconciliation
Disclose components of cash and cash equivalents and present a
reconciliation of amounts in the statement of cash flows with equivalent items
reported in the statement of financial position (if necessary, in a note to the
statement of cash flows).
6 Proforma
6.1 Direct method
$ $
Cash flows from operating activities
Cash receipts from customers x
Cash paid to suppliers and employees (x)
____

Cash generated from operations (see next for alternative) x
Interest paid (x)
Income taxes paid (x)
____
Net cash from operating activities x

Cash flows from investing activities
Purchase of property, plant and equipment (x)
Proceeds from sale of equipment x
Interest received x
Dividends received x
____
Net cash used in investing activities x

Cash flows from financing activities
Proceeds from issuance of share capital x
Proceeds from long-term borrowings x
Dividends paid
*
(x)
____
Net cash used in financing activities x

____
Net increase in cash and cash equivalents x
Cash and cash equivalents at beginning of period (Note) x
____
Cash and cash equivalents at end of period (Note) x

*
This could be shown as an operating cash flow.
6.2 Indirect method
$ $
Profit before taxation x
Adjustments for
Depreciation x
Investment income (x)
Interest expense x
____

Operating profit before working capital changes x
Increase in trade and other receivables (x)
Decrease in inventories x
Decrease in trade payables (x)
____

Cash generated from operations x
remainder as for the direct method

6.3 Notes to the statement of cash flows
(Direct and indirect methods)
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and balances with banks, and
investments in money market instruments. Cash and cash equivalents included in the
statement of cash flows comprise the following amounts in the statement of financial
position.
2007 2006
$ $
Cash on hand and balances with banks x x
Short-term investments x x
____ ____
x x
____ ____


Worked example 3
Antipodean Entities Statement of Financial Position as at

2007 2006
$ $ $ $
Non-current assets
(at written down value)
Premises 37,000 38,000
Equipment 45,800 17,600
Motor vehicles 18,930 4,080
______
101,730
______
59,680

Investments 25,000 17,000
_______ ______
126,730 76,680
Current assets
Inventories 19,670 27,500
Trade receivables 11,960 14,410
Short-term investments 4,800 3,600
Cash and bank balances 700 1,800
______
37,130
______
47,310

_______ _______
Total assets 163,860 123,990

Capital and reserves 78,610 75,040
Non-current liabilities
Interest-bearing borrowings 25,000 28,000
Current liabilities
Trade payables 32,050 20,950
Bank overdraft 28,200
______
60,250
______
20,950

_______ _______
Total equity and liabilities 163,860 123,990

Profit for the year ended 31 December 2007 ($25,200) is after accounting for:
$
Depreciation
Premises 1,000
Equipment 3,000
Motor vehicles 3,000
Profit on disposal of equipment 430
Loss on disposal of motor vehicle 740
Interest expense 3,000
The written down value of the assets at date of disposal was $
Equipment 5,200
Motor vehicles 2,010
Interest accrued at 31 December 2007 is $400. The company has made a substantial
distribution out of capital during the year.
Required:
Prepare a statement of cash flows for the year ended 31 December 2007 in
accordance with IAS 7 Statement of Cash Flows.

Worked solution 3 Statement of cash flows
$ $
Profit before taxation 25,200
Adjustments for
Depreciation 7,000
Net loss on disposals 310
Interest expense 3,000
______
Operating profit before working capital changes 35,510
Decrease in trade receivables 2,450
Decrease in inventories 7,830
Increase in trade payables $((32,050 400) 20,950) 10,700
______
Cash generated from operations 56,490
Interest paid $(3,000 400) (2,600)
______
Net cash from operating activities 53,890

Purchase of long-term investments $(25,000 17,000) (8,000)
Purchase of equipment and cars
$(36,400 (W1) + 19,860 (W2)) (56,260)
Proceeds from sale of equipment and cars (W3) 6,900
______
Net cash used in investing activities (57,360)

Capital repayment (21,630)
Borrowings repayment (3,000)
______
Net cash used in financing activities (24,630)
______

Net decrease in cash and cash equivalents (28,100)

Cash and cash equivalents at beginning of period $(3,600 + 1,800) 5,400
______

Cash and cash equivalents at end of period $(4,800 + 700 28,200) (22,700)

Commentary
It is been assumed that short-term investments are cash equivalents.
WORKINGS

(1) Equipment (WDV)
$ $
Bal b/d 17,600 Disposal 5,200
Depreciation 3,000
Additions () 36,400 Bal c/d 45,800

54,000 54,000

(2) Motor vehicles (WDV)
$ $
Bal b/d 4,080 Disposal 2,010
Depreciation 3,000
Additions () 19,860 Bal c/d 18,930

23,940 23,940

(3) Disposals
$ $
Equipment 5,200
Motor vehicle 2,010 Loss on disposal (vehicles) 740
Profit on disposal (equipment) 430 Proceeds () 6,900

7,640 7,640


Worked example 4

Alma has the following income statement for the year ended 31 December 2007 and
statement of financial position extracts at that date.
Income statement
$000
Revenue 2,880
Cost of sales (2,016)
_____

Gross profit 864
Expenses (288)
_____

Profit 576

Statement of financial position (extracts)
2007 2006
$000 $000
Current assets
Inventory 384 336
Trade receivables 622 564

Current liabilities
Trade payables 403 331
You are given the following information:
(1) Expenses include depreciation of $86,000, bad debts written off of $34,000
and employment costs of $101,000.
(2) During the year Alma disposed of some plant for $58,000 which had a net
book value of $43,000, the profit being netted off against expenses.
Required:
(a) Show how the net cash flows from operating activities would be
presented in the statement of cash flows using the direct method. (Ignore
taxation.)
(b) Prepare the note reconciling the operating profit to net cash flows from
operating activities.

Worked solution 4
(a) Cash-flows from operating activities
$000
Cash received from customers (W1) 2,788
Cash paid to suppliers and employees (1,992 (W2) + 183 (W4)) (2,175)
_____
Cash from operating activities 613

WORKINGS
(1) Trade receivables
$000
Bal b/d 564
Revenue 2,880

_____

3,444

$000
Bad debt 34
Cash (Balancing figure) 2,788
Bal c/d 622

_____
3,444

(2) Trade payables
$000
Cash (Balancing figure) 1,992
Bal c/d 403

_____

2,395

$000
Bal b/d 331
Purchases (W3) 2,064

_____

2,395

(3) $000
Opening inventory 336
Purchases (Balancing figure) 2,064
Closing inventory (384)
_____
Cost of sales 2,016
_____

(4) Other cash expenses:
$000
From income statement 288
Adjustments for non-cash items
Depreciation (86)
Bad debts (34)
Profit on disposal 15
___
183

(b) Reconciliation of operating profit to net cash flows from operating activities
$000
Profit 576
Depreciation 86
Profit on disposal (15)
Increase in inventory (384 336) (48)
Increase in receivables (622 564) (58)
Increase in payables (403 331) 72
___
613

Activity 1

Casino is a publicly listed company. Details of its statements of financial position as at
31 March 2008 and 2007 are shown below together with other relevant information:
Statements of financial position
31 March 2008 31 March 2007
$m $m $m $m
Non-current assets (note (i))
Property, plant and equipment 880 760
Intangible assets 400 510

1,280 1,270
Current assets
Inventory 350 420
Trade receivables 808 372
Interest receivable 5 3
Short term deposits 32 120
Bank 15 1,210 75 990

Total assets 2,490 2,260

Equity and liabilities
Ordinary shares of $1 each 300 200
Share premium 60
Revaluation surplus 112 45
Retained earnings 1,098 1,270 1,165 1,210

1,570 1,410
Non-current liabilities
12% Loan note 150
8% Convertible bond 160
Deferred tax 90 250 75 225

Current liabilities
Trade payables 530 515
Bank overdraft 125
Taxation 15 110
670 625

Total equity and liabilities 2,490 2,260


The following supporting information is available:
(i) Details relating to the non-current assets are:
Property, plant and equipment at:
31 March 2008 31 March 2007
Cost/ Carrying Cost/ Carrying
Valuation Depreciation value Valuation Depreciation value
$m $m $m $m $m $m
Land and buildings 600 12 588 500 80 420
Plant 440 148 292 445 105 340

880 760

Casino revalued the carrying value of its land and buildings by an increase of $70
million on 1 April 2007. On 31 March 2008 Casino transferred $3 million from the
revaluation surplus to retained earnings representing the realisation of the revaluation
surplus due to the depreciation of buildings.
During the year Casino acquired new plant at a cost of $60 million and sold some old
plant for $15 million at a loss of $12 million.
There were no acquisitions or disposals of intangible assets.
(ii) Statement of comprehensive income for the year to 31 March 2008 (extract):
$m $m
Operating loss (32)
Interest receivable 12
Finance costs (24)

Loss before tax (44)
Income tax repayment claim 14
Deferred tax charge (15) (1)

Loss for the period (45)

The finance costs are made up of:
Interest expenses (16)
Penalty cost for early redemption of 12% loan note (6)
Issue costs of 8% convertible bond (2)

(24)

(iii) The short term deposits meet the definition of cash equivalents.
(iv) Dividends of $25 million were paid during the year.
Required:
As far as the information permits, prepare a statement of cash flows for Casino
for the year to 31 March 2008 in accordance with IAS 7 Statement of Cash
Flows.

7 Additional disclosures
There are a number of extra disclosures which should be made in most cases
to support the statement of cash flow:
Analysis of cash and cash equivalents;
Major non cash transactions;
Cash and cash equivalents held by the group;
Reporting futures, options and swaps;
Voluntary disclosures.
7.1 Analysis of cash and cash equivalents
A note should be presented that reconciles amounts held as cash and cash
equivalents at the start and end of the period.
Illustration 3 Cash and cash equivalents

2007 2006 Change
$ $ $
Cash on hand 1,300 (1,300)
Bank overdraft (11,000) (11,000)
(11,000) (1,300) (12,300)

7.2 Major non cash transactions
Non cash transactions should be excluded from the statement of cash flows.
However some of these do have a major impact on investing and financing
activities and should be disclosed in a note.
Examples of such transactions could include:
the issue of shares in order to acquire assets;
the conversion of debt to equity;
the inception of significant lease arrangements.
In each case a brief description of the nature and purpose of the transaction
should be given.
7.3 Voluntary disclosures
The standard encourages the disclosure of other information which may be relevant
to users seeking to assess the financial health of a business. These are:
the amount of undrawn borrowings that are available and any
restrictions on their future use.
the amount of cash flows that represent increases in capacity rather
than maintenance of existing capacity.
the amount of cash flows from each major activity related to
interests in joint ventures which have been accounted for using
proportional consolidation.
a segment analysis of cash flows arising from each major activity.
This information should be presented by way of a note and could
appear as follows:
Cash flows Segment 1 Segment 2 Total

Operating activities x x X
Investing activities x x X
Financing activities x x X

___ ___ ___
x x X

___ ___ ___

Focus
You should now be able to:
explain the need for a statement of cash flows and assess the usefulness of
information given by the statement of cash flows;
prepare the statement of cash flows, including relevant notes, for an
individual company in accordance with IAS 7.

Commentary
Questions may specify the use of the direct or the indirect method.
Activity solution
Solution 1
Statement of Cash Flows Casino for the Year to 31 March 2008
$m $m
Cash inflows from operating activities
Operating loss (32)
Adjustments for:
Depreciation buildings (W1) 2
plant (W2) 81
intangibles (510 400) 110
Loss on disposal of plant (from question) 12
205

Operating profit before working capital changes 173
Decrease in inventory (420 350) 70
Increase in trade receivables (808 372) (436)
Increase in trade payables (530 515) 15

Cash generated from operations (178)
Interest paid (16)
Income tax paid (W3) (81)

Net cash outflow from operating activities (275)
Purchase of land and buildings (W1) (100)
plant (W2) (60)
Sale of plant (W2) 15
Interest received (12 5 + 3) 10 (135)

Issue of ordinary shares (100 + 60) 160
Issue of 8% convertible debt (160 2 issue costs) 158
Repayments of 12% loan (150 + 6 penalty) (156)
Dividends paid (25) 137

Net decrease in cash and cash equivalents (273)
Cash and cash equivalents at beginning of period (120 + 75) 195

Cash and cash equivalents at end of period (125 (32 +15)) (78)

Commentary
Interest and dividends received and paid may be shown as operating cash
flows or as investing or financing activities as appropriate.
WORKINGS (in $ million)
(1) Land and buildings (net book value)
$m $m
Bal b/d 420
Revaluation gain (see below) 70 Depreciation (12 (80 70)) 2
Additions () 100 Bal c/d 588

590 590

Commentary
Since there have been no disposals but accumulated depreciation is less than
in the previous year, it has been assumed that the revaluation has been
reflected through a write-back of $70m accumulated depreciation, leaving a
charge for the year of $2m.
Revaluation surplus
$m $m
Transfer to retained earnings 3 Bal b/d 45
Balance c/d 112 Revaluation gain () 70

115 115

(2) Plant (cost)
$m $m
Bal b/d 445 Disposal () 65
Additions (given) 60 Bal c/d 440

505 505

Plant disposals
$m $m
Cost (as above) 65 Proceeds 15
Depreciation () 38
Loss on disposal 12

65 65

Plant depreciation
$m $m
Disposal (as above) 38 Bal b/d 105
Bal c/d 148 Charge for the year () 81

186 65

(3) Taxation
$m $m
Tax paid 81 Bal b/d (110 + 75) 185
Bal c/d (15 + 90) 105 Net charge for the year 1

186 186

(4) Retained earnings
$m $m
Loss for period 45 Bal b/d 1,165
Dividends paid 25 Transfer from revaluation surplus 3
Bal c/d 1,098

1,168 1,168

Commentary
This retained earnings working is not required as part of the solution in this
case. However, some questions may require such a reconciliation of the
movement in retained earnings to find a missing figure, such as a transfer to
share capital in respect of a bonus issue of shares. It is therefore included as
a proof that all the movements in retained earnings balances have been
identified and dealt with.

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SESSION 30 IAS 7 STATEMENT OF CASH FLOWS

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