IAS 7 ‘Statement of Cash Flows’ was introduced in 2001 and the accounting principles have remained largely unchanged since.
The increasing attention on an entity’s cash generation and liquidity position has led to greater focus on the statement of cash flows by financial statement users, regulators and other commentators. However, this additional focus and scrutiny has also highlighted some common errors and inconsistencies in the application of IAS 7. This first introductory article provides an overview of the objective, scope and requirements of IAS 7.
IAS 7 at a glance
This insight provides an overview of the objective, scope and requirements of IAS 7.
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We hope you find the information in this article helpful in giving you some insight into IAS 7. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact or visit www.grantthornton.global/locations to find your local member firm.
Authors
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Sarah Carroll
Sarah is the global head of the IFRS and corporate reporting team focussing on the consistent application of both International Financial Reporting Standards (IFRS) and sustainability reporting standards.View Profile