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In financial accounting, a cash flow statement, also known as statement of cash flows, [1] is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities. Essentially, the cash flow statement is concerned with ...
Presentation of Financial Statements Ind AS 2 Inventories Ind AS 7 Statement of Cash Flows Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors Ind AS 10 Events occurring after Reporting Period Ind AS 11 Construction Contracts (Omitted by the Companies (Indian Accounting Standards) Amendment Rules, 2018) Ind AS 12 Income Taxes
Changes in financial position include cash outflows, such as capital expenditures, and cash inflows, such as revenue. It may also include certain non-cash changes, such as depreciation. The use of this statement is to provide relevant and focused on a period, so that users of financial statements with sufficient information to:
ICAI is the second largest professional accounting body in the world in terms of number of membership and number of students after the AICPA. [7] It prescribes the qualifications for a Chartered Accountant, conducts the requisite examinations and grants Certificate of Practice.
This may be presented as a single statement or with a separate statement of profit and loss and a statement of other comprehensive income; a statement of changes in equity; a statement of cash flows; notes, including a summary of the significant accounting policies. Comparative information is required for the prior reporting period.
Traditional standard costing (TSC), used in cost accounting, dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of income statement and balance sheet line items such as cost of goods sold (COGS) and inventory valuation.
The ICAI notification issued on August 3, 1989 says that "if any member of ICAI, i.e. any Chartered Accountant, who obtained the qualification of Chartered Financial Analyst [awarded by ICFAI] on or after January 1, 1990, or has obtained the said qualification earlier did not surrender the same before the said date, [he/she] would be held ...
The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
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