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The Corporations Act requires that public companies publish a Cash Flow Statement.
Corporations Act S292 reporting entity must prepare general purpose financial reports.
Section 296 states that financial reports must be prepared according to the AASB Standards.
Section 297 requires that reports must be fair and true assessments.
AASB107, Cash Flow Statements requires a Cash Flow Statement to be disclosed in general purpose financial reports.
Cash Flow Statement Definition A summary statement of all receipts and payments of cash by a business for a reporting period.
The Cash Flow Statement is divided into functional groupings of: Operating Activities, Investing Activities & Financing Activities
NEED for Cash Flow Statements provides readers of the financial reports with a summary of a change in cash funds from beginning to end of the period.
Cash Funds consist of cash and cash equivalents of; Cash on Hand, Cash in Bank Account & Petty Cash
Cash Equivalents are investments that are readily convertible to cash at the investor's option. These will include : At-call deposits, Bank overdraft, Money-Market Deposits, Bank Bills
The making of profits by a business does not necessarily translate into an increase in cash funds at the end of the reporting period. For example: Depreciation, accrued revenues and accrued expenses are non-cash but included in profit calculation.
Operating activities are those cash items which are reflected in; the profit or loss for the reporting period.
cash transactions associated with: The provision of goods or services, Payments to employees, Payments of interest, income tax & Receipts of cash dividends and interest.
Operating Activities Cash will be received from customers directly by a cash sale or from accounts receivable. Payments will be made to the suppliers of goods and other payables.
The cash amounts will be determined by: items in the Income Statement and current assets & current liabilities in the balance sheet.
Investing Activities relate to the acquisition or disposal of non-current assets such as the cash purchase or cash sale of property, plant and equipment.
Financing activities are those cash items affecting shareholders equity and external borrowings. Examples: Issue of share capital, proceeds from borrowings, repayment of borrowings and dividends paid
Cash inflows and outflows from Operating, Investing and Financing activities, determine the... net increase/decrease in cash funds for the period - This is then added to the beginning balance of cash funds to provide the ending balance.
Using a cash transaction summary is the most direct method of preparing a... cash flow statement.
The cash book summary is another direct method of preparing a.... cash flow as it simply requires classification of cash transactions.
Operating activities are those cash items reflected in the profit or loss for the period.
AASB 107 requires that a reconciliation of cash flows from operating activities to operating profit/loss be disclosed in the financial reports.
Purpose of the Reconciliation To explains why the operating profit for the business does not equate to a corresponding increase in cash funds.
Other Non-cash Items Other non-cash items, such as Bad Debts, Discounts Allowed and Discounts Received are not included under the “Non-Cash Items” heading. These items are indirectly included.
Created by: oliverawesome