International Financial Accounting (IFA)

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1 International Financial Accounting (IFA) Preparation and presentation of Financial Statements DEPARTMENT OF BUSINESS AND LAW ROBERTO DI PIETRA SIENA, NOVEMBER 4, INTERNATIONAL FINANCIAL ACCOUNTING Part II Financial Statement IFRS Compliant Nature and objectives of financial reporting Entities and financial reporting statements 2

2 Introduction Investors, creditors and other capital providers want cash to get out of their investments Information about entity s receivables and payments is of fundamental importance to such users of FSs The SCF provides this information by reporting cash inflows and outflows classified into Operating activities Investing activities Financing activities 3 Scope IAS 7 requires that a SCF have to be prepared in accordance with the requirements of the standard, and be presented as an integral part of the entity s FSs for each period for which FSs are presented 4

3 Objectives of a SCF The overall objective is to present information about the historical changes in cash and cash equivalents of an entity during the period classified by operating, investing and financing activities 5 Objectives of a SCF The information is useful to assist in: Evaluating an entity s ability to generate cash and the timing, certainty of their generation Evaluating an entity s financial structure and its ability to meet its obligations and to pay dividends Understanding the reasons for the difference between profit or loss for a period and the net cash flow operating activities Comparing the operating performance of different entities 6

4 Selecting accounting policies IAS 8 refers to the consistency concept, recommending that entities select and apply its accounting polities consistently for similar transactions, other events and conditions, unless a standard or an interpretation specifically requires or permits categorisation of items for which different policies may be appropriate 7 Defining Cash and Cash equivalents IAS 7, 6 defines Cash comprises cash on hand and demand deposits Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value 8

5 Defining Cash and Cash equivalents IAS 7, 7 explains that cash equivalents are held for the purpose of meet short-term cash commitments, and not investment or other purposes Equity investments will not qualified unless they are cash equivalents such as preferred shares acquired shortly before the specified maturity date Bank borrowings are ordinarily classified as a financing activity, except for bank overdrafts that are repayable on demand and which form an integral part of an entity s cash management 9 Classifying cash flow activities Are reported in the SCF classified into Operating, Investing and Financing activities IAS 7, 6 defines these activities as follows Operating activities are the principal revenueproducing activities of an entity and other activities that are not investing or financing activities Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalents Financing activities are activities that result in changes in size and composition of the equity capital and borrowings of the entity 10

6 Operating activities Cash inflows from Sale of goods; Rendering of services; Royalties, fees, commissions; Interest received (may be investing); Dividends received (may be investing) Cash outflows to Suppliers for goods and services; Employees; Government for income and other taxes; Lenders for interest (may by financing) 11 Investing activities Cash inflows form Sale of property, plant and equipment; Sale of intangibles; Sale of shares and debt instruments of other entities; Repayment of loans to other parties Cash outflows to Acquire property, plant and equipment; Acquire intangibles; Acquire shares and debt instruments of other entities; Lend money to other entities 12

7 Financing activities Cash inflows from Issuing shares and other equity instruments; Issuing debentures, unsecured notes and other borrowings Cash outflows to Buy back shares; Repay debentures, unsecured notes and other borrowings; Pay dividends to shareholders (may be operating) 13 IAS 7 does not prescribe how interest and dividends received and paid should be classified IAS 7, 31 requires cash flows from interest and dividends received and paid to be disclosed separately and classified in a consistent manner from period to period as operating, investing or financing activities IAS 7, 33 explains that Interest paid and dividends received are usually classified as operating cash flows for a financial institution 14

8 IAS 7, 35 requires that Taxes on income be separately disclosed in the SCF as cash flows operating activities IAS 7, 36 explains that 1 2 While tax expense may be readily identifiable with investing or financing activities, the related tax flows are often impracticable to identify and may arise in a different period from the cash flows of the underlying transaction For this reason taxes paid are usually classified as cash flows from operating activities 15 The general format of a SCF follows the three cash flows activities Cash flows from operating activities are presented first Followed by cash flows from investing activities Followed by cash from financing activities The resultant net increase (or decrease) in cash and cash equivalents during the period is then used to report the movement in cash and cash equivalents from the balance at the beginning of the period to the balance at the end of the period 16

9 IAS 7, 18 provides that Cash flows from operating activities may be reported using one of two methods The Direct method Whereby classes of operating gross cash receipts and cash payments are disclosed The Indirect method Whereby profit or loss is adjusted for the effect of transactions of a non-cash nature The Direct method is encouraged 17 Format of SCF Direct Method Cash flows from operating activities Cash receipts from customers Cash paid to suppliers and employees Cash generated from operations Interest received Interest paid Income taxes paid Net cash from operating activities Cash flows from investing activities Acquisition of subsidiary, net of cash acquired Purchase of property and plant Proceeds from sale of plant Net cash used in investing activities () () () () () 18

10 Cash flows from financing activities Proceeds from share issue Proceeds from borrowings Payment of borrowings Dividends paid Net cash used in financing activities Net increase in cash (CE) Cash (CE) at beginning of year Cash (CE) at end of year () () 19 Format of SCF Indirect Method Profit before tax Adjustments for: Depreciation Foreign exchange loss Loss on sale of equipment Interest income () Interest expense Increase in trade and other receivables () Decrease in inventories Increase in accounts payable Decrease in accrued liabilities () Cash generated from operations Interest received Interest paid () Income taxes paid () Net cash from operating activities 20

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