Section 7 – Statement of Cash Flows

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  5. Section 7 – Statement....

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Section 7 – Introduction

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Section 7 – Analysis

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Section 7 – Analysis

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Section 7 – Analysis

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Section 7 – Analysis

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Section Downloads

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Contents

7.1 Scope.

7.1.1 Extract from FRS102: Section 7.1.

7.1.2 OmniPro comment.

7.1.2.1 Overview.

7.1.2.2 Entities exempt from the requirements to provide cash flow statements.

7.2 Cash equivalents.

7.2.1 Extract from FRS102: Section 7.2.

7.2.2 OmniPro comment.

7.2.2.1   Overview.

7.2.2.2 The criteria for recognition as cash and cash equivalents.

7.3 Information to be presented in the statement of cash flows.

7.3.1 Extract from FRS102: Section 7.3 and Section 7.10A-7.10E.

7.3.2 OmniPro comment.

7.3.2.1   Categories of Cash Flows.

7.3.2.2 Cash flows permitted if reported on a net basis.

7.4 Operating activities.

7.4.1 Extract from FRS102: Section 7.4 and Section 7.7-7.9.

7.4.2 OmniPro comment.

7.4.2.1 Operating activities -defined.

7.4.2.1.1 Assessing whether an item is an operating or investing activity cash flow.

7.4.2.2 Examples of cash flows from operating activities.

7.4.2.3 Presenting cash flows from operating activities.

7.4.2.3.1 Overview.

7.4.2.3.2 Indirect Method.

7.4.2.3.2.1 Illustration of the indirect method.

7.4.2.3.1.3 Direct method.

7.4.2.3.1.3.1 Illustration of the requirements of the Direct Method.

7.5 Investing activities.

7.5.1 Extract from FRS102: Section 7.5 and Section 7.10.

7.5.2 OmniPro comment.

7.5.2.1 Investing Activities Defined.

7.5.2.2 Example of cash flow items classified as investing activities.

7.5.2.3 Identifying the actual cash paid for the cash flow Investing Activities.

7.5.2.3.1 Need to show only cash paid in the cash flow- fixed assets on finance lease.

7.5.2.3.2 Fixed Asset not paid at year end.

7.5.2.4 Cash flow permitted to be reported on a net basis.

7.6 Financing activities.

7.6.1 Extract from FRS102: Section 7.6 and Section 7.10.

7.6.2 OmniPro comment.

7.6.2.1 Financing activities defined.

7.6.2.2 Examples of cash flow items classified as financing activities.

7.6.2.3 Cash flow permitted to be reported on a net basis.

7.7 Interest and dividends.

7.7.1 Extract from FRS102: Section 7.14-7.16.

7.7.2 OmniPro comment.

7.7.2.1   Treatment of interest cost capitalised.

7.8 Income tax.

7.8.1 Extract from FRS102: Section 7.17.

7.8.2 OmniPro comment.

7.8.2.1 Taxation Generally.

7.8.2.2 Treatment of Capital Gains Tax.

7.8.2.3 Sales and Purchase Taxes.

7.9 Non-controlling interests-consolidated financial statements.

7.9.1 OmniPro comment.

7.9.1.1 Dividends paid to non-controlling interests.

7.9.1.2 Cash flow for purchase or sale of part of subsidiary where control is not lost.

7.10 Acquisition and disposal of subsidiary.

7.10.1 OmniPro comment.

7.10.1.1 Analysis.

7.10.1.2 Examples illustrating treatment of acquisitions.

7.10.1.2.1 Cash received as part of acquisition.

7.10.1.2.2 Acquisition part funded by cash and shares.

7.10.1.2.3 Loans assumed as part of acquisition.

7.11 Foreign currency cash flows.

7.11.1 Extract from FRS102: Section 7.11-7.13.

7.11.2 OmniPro comment.

7.11.2.1 Realised foreign exchange gains/losses explained.

7.11.2.1.1 Individual financial statements –settled transactions.

7.11.2.1.1.1 Direct Method.

7.11.2.1.1.2 Indirect Method.

7.11.2.2. Unrealised foreign exchange gains/losses.

7.11.2.2.1 Analysis.

7.11.2.2.1.1 Unrealised gain-non-operating.

7.11.2.2.2 Unrealised foreign exchange on cash and cash equivalents.

2.11.2.2.3 Consolidated financial statements.

7.12 Components of cash and cash equivalents.

7.12.1 Extract from FRS102: Section 7.20-7.20A.

7.12.2 OmniPro comment.

7.13 Non-cash transactions.

7.13.1 Extract from FRS102: Section 7.18-7.19.

7.13.2 OmniPro comment.

7.13.2.1. Analysis.

7.13.2.2 Examples of non-cash transactions.

7.13.2.3 Non-cash items sample disclosure.

7.14 Sample of Cash Flow Statement.

7.15 Other disclosures – Cash and cash equivalents not available for use.

7.15.1 Extract from FRS102: Section 7.21.

7.15.2 OmniPro comment.

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Section 7: Statement of Cash Flows

Summary

Section 7 deals with the information that is to be presented in a statement of cash flow and identifies  which entities may qualify for exemption from preparing cash flow statements.

What is new?

Section 7 provides an exemption from presenting cash flow statements if the entity is a qualifying entity.[1] Old GAAP provided an exemption either where the entity met the definition of a small entity as defined in the Companies Act  or where the entity was a 90% or more subsidiary of a parent entity which produced publically available consolidated financial statements. Therefore, it may be possible for more subsidiaries to qualify for the cash flow exemption as the 90% requirement is no longer required; instead they are only required to be a subsidiary. Under the small entity provisions within S1A of FRS 102 small companies who are not subsidiaries can claim exemption from preparing a cash flow statement.

While in the UK it is popssible to claim the expemtions from preparation of a cashflow statement under the September 2015 version of FRS102 (provided the provision of SI 2015/980 are adopted. On enactment of the European directive 2013/34 by Ireland, it will be possible for small Irish companies to claim exemption from presenting a cash flow statement. However, at the time of drafting this guide based on current legislation only UK entities can avail of the exemption whereas Irish entities must a cash flow statement is required.

Under Section 7, the statement of cash flows shows movement in cash and cash equivalents[2]whereas under old GAAP (FRS 1) it showed movement of just cash which included on demand deposits only.

What is different?

Section 7 requires information to be presented in the statement of cash flows under the following classifications: operating activities, investing activities or financing activities. This compares with old GAAP where additional classifications were included for acquisitions and disposals, equity dividend paid, capital investment and financing investment and management of liquid resources.

Under old GAAP a reconciliation of net debt was required. However, under FRS 102 there is no such requirement.

What are the key points?

Information to be presented in the statement of cash flows under the following classification: operating activities, investing activities or financing activities.

Example of items to be classified within operating activities – cash receipts from sale of goods and rendering of services, royalties, fees, commissions and other revenue, cash payments to suppliers for goods and services, cash payments to and on behalf of employees, refunds of income tax.

Example of items to be classified within investing activities – Cash payments to acquire and cash receipts in relation to the sale of PPE, intangible assets and other long term assets, cash payments or receipts in relation to acquisition or disposal of equity or debt instruments, cash advances and loans to and from other parties.

Example of items to be classified within financing activities – cash proceeds from issuing shares or other equity instruments, cash payments to redeem the entity’s shares, cash repayments of amounts borrowed, cash payments for the reduction of outstanding liabilities relating to a finance lease, cash proceeds from issuing debentures, loans, notes, bonds, mortgages or other short term or long term borrowings.

No reconciliation of net debt required under FRS 102

A reconciliation of cash flow movements per the cash flow statement to cash and each equivalent that presented in the Balance Sheets is required.

Qualifying entities as defined above are exempt from preparing cash flow statements but an exemption also applies to mutual life assurance companies, retirement/open ended benefit plans that meet certain conditions as set out in the standard.

Based on current legislation, small companies, in Ireland, which are not qualifying entities must prepare a cash flow statement.

Operating cash flows can be presented under the direct (major classes of gross cash receipts and payments are disclosed) or indirect method (i.e. where profit and loss is adjusted for changes in working capital, non-cash items and items associated with investing and financing cash flows).

What do accountants need to do?

Be aware of the differences between FRS 102 and old GAAP to ensure cash flow statements included in financial statements are presented in the new formats and comply with FRS 102.

Advise clients on where cash flow movements are to be presented under the reduced number of headings.

Advise companies who now qualify for exemption due to the removal of the 90% requirement.

What do companies need to do?

Be aware of the differences between FRS 102 and old GAAP to ensure cash flow statements included in financial statements are presented in the new format and comply with FRS 102.

Assess whether a cash flow statement is required under FRS 102 for the various companies within a group.

[1] A qualifying entity is a member of a group where the parent prepares publicly available consolidated financial statements which are intended to give a true and fair view and that member is included in the consolidation.

[2] Cash equivalents are short term, highly liquid investments that are readily convertible into a known amount of cash and that are subject to insignificant risk of changes in value and; that have a short term maturity of three months or less from the date of acquisition.

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Examples:

Example 1: Cash and cash equivalents.

Example 2: Cash and cash equivalents.

Example 3: Cash flows from operating activities – Indirect Method.

Example 4: Cash flows from operating activities – Direct Method.

Example 5: Need to show only cash paid in the cash flow – fixed assets on finance lease.

Example 6: Fixed asset not paid at year end.

Example 7: Fixed asset not paid at year end.

Example 8: Cash received as part of the acquisition.

Example 9: Cash received as part of the acquisition.

Example 10: Subsidiary acquired partly by way of cash and partly by issuance of shares.

Example 11: Loans assured as part of the acquisition.

Example 12: Settled foreign exchange gain/loss.

Example 13: Unrealised gain-non-operating.

Example 14: Unrealised foreign exchange on cash and cash equivalents.

Example 15: Foreign subsidiaries.

Example 16: Analysis of cash and cash equivalent and net debt.

Example 17: Effective interest rate adjustments.

Example 18: Non-cash items example disclosure.

Example 19: Cash flow statement – see below.

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Section 7 – Disclosure Checklist

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