dipifr-session30 d08 statement of cashflows

7/27/2019 DipIFR-Session30 d08 Statement of Cashflows

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SESSION 30 IAS 7 STATEMENT OF CASH FLOWS

Accountancy Tuition Centre (International Holdings) Ltd 2008 3001

Overview

Objective

To provide information about historical changes in cash and cash equivalents

by means of a statement of cash flows which classifies cash flows during theperiod from operating, investing and financing activities.

SCOPE

PRESENTATION

INVESTING AND

FINANCING

ACTIVITIES

OPERATING

ACTIVITIES

COMPONENTS OF

CASH AND CASH

EQUIVALENTS

Direct method Indirect m ethod

Techniques

Which method?

Reconcil iation

Classification

PROFORMA

Direct method

Indirect method Notes to the statement of cash f lows

Separate reporting

Investing activities

Financing activities

Applies to all entit ies

Importance of cash flow

Benefits of cash flowinformation

Definitions

ADDITIONAL

DISCLOSURES

Analysis

Major non-cash transactions

Voluntary disclosures

Commentary

The title of IAS 7 was amended from Cash Flow Statements to Statement of Cash

Flows in September 2007 as a consequence of the revision of IAS 1 Presentation ofFinancial Statements.


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1 Scope

1.1 Applies to all entities

Users of financial statement are interested in cash generation regardless of the

nature of the entitys activities.

Entities need cash for essentially the same reasons:

to conduct operations; to pay obligations; to provide returns to investors.

Profitis not the same as cash . . . . andprofitability does not mean liquidity(even profitable companies crash).

1.2 Importance of cash flow To show that profits are being realised

(e.g. that trade receivables are being recovered).

To pay dividends.

To finance further investment (which will generate more cash).

1.3 Benefits of cash flow information

Provides information that enables users to evaluate changes in:

net assets;

financial structure (including its liquidity and solvency);

ability to affect amounts and timing of cash flows (to adapt tochanging circumstances and opportunities).

Useful in assessing ability to generate cash and cash equivalents.

Users can develop models to assess and compare the present value of futurecash flows of different entities.

Enhances comparability of reporting operating performance by different

entities (by eliminating effects of alternative accounting treatments).

Historical cash flow information may provide an indicator of the amount,timing and certainty of future cash flows.

Commentary

Focus on cash management can also improve results (e.g. with lower interest chargesand having cash resources available on a timely basis (e.g. for investment).


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1.4 Definitions

Cash cash on hand and demand deposits.

Cash equivalents short-term, highly liquid investments:

readily convertible to known amounts of cash;

subject to an insignificant risk of changes in value;

excluding equity investments unless they are, in substance, cashequivalents (e.g. preferred shares acquired within a short period oftheir maturity and a specified redemption date).

Commentary

Cash equivalents are treated as cash because if they were not, the liquidity of

entities which manage their cash effectively (e.g. employing overnight depositfacilities, buying bonds etc) would not look as good as it actually was.

Illustration 1

Notes to the consolidated financial statements (extract)

Cash and cash equivalents

Bank and cash consist of cash at bank and in hand. Cash equivalents consist

of highly liquid available-for-sale investments purchased with remaining

maturities at the date of acquisition of three months or less.

Nokia in 2006

Cash flows inflows and outflows of cash and cash equivalents.

Operating activities principal revenue-producing activities and otheractivities that are not investing or financing activities.

Investing activities acquisition and disposal of long-term assets and otherinvestments not included in cash equivalents.

Financing activities result in changes in the size and composition of equitycapital and borrowings. Bank borrowings generally included.

Commentary

Where bank overdrafts are repayable on demand and form an integral part ofcash management (characteristically balance fluctuates from positive tooverdraft) they are included in cash and cash equivalents.


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2 Presentation

Commentary

A statement of cash flows is essentially a list of cash in and cash out

reconciling opening and closing cash balances.

2.1 Classification

IAS 7 requires cash inflows and outflows to be analysed across three headings:

Operating Investing Financing

Key indicator of sufficiency ofcash flows to:

repay loans;

maintain operatingcapability;

pay dividends;

make new investments.

without recourse to externalsources of finance

Separate disclosure is

important cash flowsrepresent extent to which

expenditures have beenmade for resourcesintended to generatefuture income and cashflows

Examples

Separate disclosure isuseful in predictingclaims on future cash

flows by providers ofcapital

Examples

Useful in forecasting futureoperating cash flows.

Payments to acquire/receipts from sales of:

Cash proceeds fromissuing:

Primarily derived from principalrevenue-producing activities.

Generally result fromtransactions and events soincluded in profit or loss.

Examples

Cash receipts from:

sale of goods/renderingservices;

royalties, fees,commissions.

Cash payments to:

suppliers for goods/services;

and on behalf of employees.

property, plant andequipment,intangibles;

equity or debtinstruments of otherentities and interestsin joint ventures.

Cash advances and loansmade to other parties and

repayments thereof.

shares/equityinstruments;

Debentures, loans,notes, bonds,mortgages, othershort or long-term

borrowings.

Cash payments toowners to acquire or

redeem own shares.

Cash repayments ofborrowings.


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2.2 Illustration 2

Bayer Group Consolidated Statements of Cash Flows

million Note 2005 2006

Income after taxes from continuing operations 1,374 1,526Income taxes 538 454

Non-operating result 602 782

Income taxes paid (463) (763)

Depreciation and amortization 1,608 1,913

Change in pension provisions (501) (295)

(Gains) losses on retirements of noncurrent assets (44) (133)

Non-cash effects of the remeasurementof acquired assets (inventory work-down) 429

Gross cash flow 3,114 3,913

Decrease (increase) in inventories (130) (155)

Decrease (increase) in trade accounts receivable 211 (201)(Decrease) increase in trade accounts payable (117) 130

Changes in other working capital, other non-cash items 149 241

Net cash provided by (used in) operating activities(net cash flow), continuing operations [33] 3,227 3,928

Net cash provided by (used in) operating activities(net cash flow), discontinuing operations [7.2] 275 275

Net cash provided by (used in) operating activities(net cash flow), total 3,502 4,203

Cash outflows for additions to property, plant,equipment and intangible assets (1,389) (1,876)

Cash inflows from sales of property, plant and equipment and other assets 105 185

Cash inflows from divestitures 293 489

Cash inflows from noncurrent financial assets 1,189 850

Cash outflows for acquisitions less acquired cash (2,188) (15,351)

Interest and dividends received 451 686

Cash inflows (outflows) from current financial assets (202) 287

Net cash provided by (used in) investing activities (total) [34] (1,741) (14,730)

Capital contributions 0 1,174

Bayer AG dividend and dividend payments to minority stockholders,reimbursements of advance capital gains tax payments (440) (535)

Issuances of debt 2,005 13,931

Retirements of debt (2,659) (3,216)

Interest paid (787) (1,155)

Net cash provided by (used in) financing activities (total) [35] (1,881) 10,199

Change in cash and cash equivalents due to business activities (total) (120) (328)

Cash and cash equivalents at beginning of year 3,570 3,290

Change in cash and cash equivalents due to changes in scope of consolidation (196) (2)

Change in cash and cash equivalents due to exchange rate movements 36 (45)

Cash and cash equivalents at end of year [36] 3,290 2,9152005 figures restated


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Commentary

Although the illustration above is a consolidated statement of cash flows,only the single entity statement is examinable.

3 Reporting cash flows from operating activities There are two ways permitted to present cash flows from ordinary activities:

Either 3.1 Direct method Or 3.2 Indirect method

Discloses major classes of gross cashreceipts and gross cash payments.

Information obtained either Fromaccounting records; or

Adjusts net profit or loss for effectsof:

non-cash transactions (e.g.depreciation);

By adjusting sales, cost of sales for:

changes during period ininventories and operatingreceivables and payables;

other non-cash items;

other items for which casheffects are investing/financingcash flows.

any deferrals or accruals of pastor future operating cash receiptsor payments;

items of income or expenseassociated with investing orfinancing cash flows.

Commentary

The direct method is ENCOURAGED as it provides information useful inestimating future cash flows which is not available under indirect method.

3.3 Techniques

3.3.1 Direct method

Steps 1 Cash receipts from customersLess cash paid to suppliers and employees

Cash generated from operations

Step 2 Payments for interest and income taxes

Net cash from operating activities


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3.3.2 Indirect method

Step 1(a) Start with profit before tax.

Step 1(b) Adjust for non-cash items and investing and financing itemsaccounted for on the accruals basis.

Operating profit before working capital changes

Step 1(c) Making working capital changes.

Cash generated from operations (same as figure calculatedunder direct method).

3.4 Which method?

IASB encourages, but not require, the use of the direct method.

3.4.1 Advantages of the direct method

Reporting the major classes of operating cash receipts and payments betterreveals an entitys ability to generate sufficient cash from operations to paydebts, reinvest in operations, and make distributions to owners. Thus it betterfulfils information needs for decision-making purposes.

Commentary

In particular, being able to see cash paid is particularly important to many

users.

The format is simpler to understand.

3.4.2 Disadvantages of the direct method

Many entities do not collect information that would allow them to determinethe information necessary to prepare the direct method.

It effectively presents items of profit or loss on a cash rather than an accrualbasis. This may suggest, incorrectly, that net cash flow from operations is abetter measure of performance than profit per the statement of comprehensiveincome.

Commentary

The direct method is also sometimes called the income statement method.

It requires supplemental disclosure of a reconciliation of net income and netcash. (However, the incremental cost of providing the additional informationdisclosed in the direct method is not significant.)


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3.4.3 Advantages of the indirect method

It focuses on the difference between profit or loss and net cash flow fromoperations.

Commentary

The indirect method is also sometimes called the reconciliation method.

It provides a useful link between cash flows, the statement of comprehensiveincome, and the statement of financial position.

Commentary

The indirect method is much more widely used in practice.

4 Investing and financing activities

4.1 Separate reporting

Major classes of gross cash receipts and gross cash payments arising frominvesting and financing activities should be reported separately.

4.2 Investing activities

Purchase of property plant and equipment this must represent actualamountspaid.

Proceeds from sales of tangible assets.

Worked example 1

2007 2006Statement of financial position (extract) $m $m

Non-current assets 10,000 9,000

Further information

Depreciation during the year 1,000Net book value of assets disposed of 100

Required:

Calculate additions in the period.

Worked solution 1

Balance b/f 9,000

Depreciation (1,000)Disposals (100)Additions (Balancing figure) 2,100

Balance c/f 10,000


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4.3 Financing activities

Again the approach is to reconcile movements between the statements offinancial position to identify the cash element.

Worked example 2

2007 2006

Statement of financial position (extracts) $m $m

Share capital 150 100Share premium 48 40

During the period the following transactions affected share capital

(1) The entity issued shares with a nominal value $10m (Share premium $2m) toacquire an interest in a subsidiary

(2) The entity issued shares for cash. The expense of the issue was $1m. Thishas been debited to the share premium account.

Required:

Calculate the cash raised from the share issue.

Worked solution 2

Sharecapital

Sharepremium

Balances at the end of the reporting period 150 48Add: Expenses of the share issue 1

150 49Less: Non-cash transaction (10) (2)

140 47Less: Balances at the beginning of the reporting

period(100) (40)

40 7

Cash raised47


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5 Components of cash and cash equivalents

5.1 Reconciliation

Disclose components of cash and cash equivalents and present a

reconciliation of amounts in the statement of cash flows with equivalent itemsreported in the statement of financial position (if necessary, in a note to thestatement of cash flows).

6 Proforma

6.1 Direct method

$ $

Cash flows from operating activities

Cash receipts from customers xCash paid to suppliers and employees (x)

____Cash generated from operations (see next for alternative) x

Interest paid (x)Income taxes paid (x)

____

Net cash from operating activities x

Cash flows from investing activities

Purchase of property, plant and equipment (x)

Proceeds from sale of equipment xInterest received xDividends received x

____

Net cash used in investing activities x

Cash flows from financing activities

Proceeds from issuance of share capital xProceeds from long-term borrowings xDividends paid * (x)

____

Net cash used in financing activities x

____

Net increase in cash and cash equivalents x

Cash and cash equivalents at beginning of period (Note) x____

Cash and cash equivalents at end of period (Note) x

* This could be shown as an operating cash flow.


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6.2 Indirect method$ $

Cash flows from operating activities

Profit before taxation xAdjustments for

Depreciation xInvestment income (x)Interest expense x

____

Operating profit before working capital changes xIncrease in trade and other receivables (x)Decrease in inventories xDecrease in trade payables (x)

____Cash generated from operations xremainder as for the direct method

6.3 Notes to the statement of cash flows

(Direct and indirect methods)

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and balances with banks, andinvestments in money market instruments. Cash and cash equivalents included in thestatement of cash flows comprise the following amounts in the statement of financial

position.

2007 2006$ $

Cash on hand and balances with banks x xShort-term investments x x

____ ____

x x____ ____


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Worked example 3

Antipodean Entities Statement of Financial Position as at2007 2006

$ $ $ $Non-current assets

(at written down value)Premises 37,000 38,000Equipment 45,800 17,600Motor vehicles 18,930 4,080______

101,730______

59,680

Investments 25,000 17,000_______ ______

126,730 76,680Current assets

Inventories 19,670 27,500Trade receivables 11,960 14,410Short-term investments 4,800 3,600Cash and bank balances 700 1,800______

37,130______

47,310

_______ _______

Total assets 163,860 123,990

Capital and reserves 78,610 75,040

Non-current liabilitiesInterest-bearing borrowings 25,000 28,000

Current liabilities

Trade payables 32,050 20,950Bank overdraft 28,200 ______60,250

______20,950

_______ _______

Total equity and liabilities 163,860 123,990

Profit for the year ended 31 December 2007 ($25,200) is after accounting for:$

DepreciationPremises 1,000Equipment 3,000Motor vehicles 3,000

Profit on disposal of equipment 430Loss on disposal of motor vehicle 740Interest expense 3,000

The written down value of the assets at date of disposal was $Equipment 5,200Motor vehicles 2,010

Interest accrued at 31 December 2007 is $400. The company has made a substantialdistribution out of capital during the year.

Required:

Prepare a statement of cash flows for the year ended 31 December 2007 in

accordance with IAS 7Statement of Cash Flows.


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Worked solution 3 Statement of cash flows

$ $

Cash flows from operating activitiesProfit before taxation 25,200

Adjustments forDepreciation 7,000

Net loss on disposals 310Interest expense 3,000

______

Operating profit before working capital changes 35,510Decrease in trade receivables 2,450Decrease in inventories 7,830Increase in trade payables $((32,050 400) 20,950) 10,700

______

Cash generated from operations 56,490

Interest paid $(3,000 400) (2,600)______

Net cash from operating activities 53,890

Cash flows from investing activitiesPurchase of long-term investments $(25,000 17,000) (8,000)Purchase of equipment and cars

$(36,400 (W1) + 19,860 (W2)) (56,260)Proceeds from sale of equipment and cars (W3) 6,900

______

Net cash used in investing activities (57,360)

Cash flows from financing activitiesCapital repayment (21,630)Borrowings repayment (3,000)

______

Net cash used in financing activities (24,630)______

Net decrease in cash and cash equivalents (28,100)

Cash and cash equivalents at beginning of period $(3,600 + 1,800) 5,400______

Cash and cash equivalents at end of period $(4,800 + 700 28,200) (22,700)

Commentary

It is been assumed that short-term investments are cash equivalents.


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WORKINGS

(1) Equipment (WDV)

$ $

Bal b/d 17,600 Disposal 5,200Depreciation 3,000

Additions () 36,400 Bal c/d 45,800 54,000 54,000

(2) Motor vehicles (WDV)

$ $

Bal b/d 4,080 Disposal 2,010Depreciation 3,000

Additions () 19,860 Bal c/d 18,930 23,940 23,940

(3) Disposals

$ $

Equipment 5,200Motor vehicle 2,010 Loss on disposal (vehicles) 740

Profit on disposal (equipment) 430 Proceeds () 6,900 7,640 7,640


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Worked example 4

Alma has the following income statement for the year ended 31 December 2007 andstatement of financial position extracts at that date.

Income statement

$000Revenue 2,880Cost of sales (2,016)

_____

Gross profit 864Expenses (288)

_____

Profit 576

Statement of financial position (extracts)

2007 2006$000 $000

Current assetsInventory 384 336Trade receivables 622 564

Current liabilitiesTrade payables 403 331

You are given the following information:

(1) Expenses include depreciation of $86,000, bad debts written off of $34,000

and employment costs of $101,000.

(2) During the year Alma disposed of some plant for $58,000 which had a netbook value of $43,000, the profit being netted off against expenses.

Required:

(a) Show how the net cash flows from operating activities would be

presented in the statement of cash flows using the direct method. (Ignore

taxation.)

(b) Prepare the note reconciling the operating profit to net cash flows from

operating activities.

Worked solution 4

(a) Cash-flows from operating activities

$000Cash received from customers (W1) 2,788Cash paid to suppliers and employees (1,992 (W2) + 183 (W4)) (2,175)

_____

Cash from operating activities 613


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WORKINGS

(1) Trade receivables

$000

Bal b/d 564

Revenue 2,880

_____

3,444

$000

Bad debt 34

Cash (Balancing figure) 2,788Bal c/d 622

_____

3,444

(2) Trade payables

$000

Cash (Balancing figure) 1,992Bal c/d 403

_____

2,395

$000

Bal b/d 331Purchases (W3) 2,064

_____

2,395

(3) $000Opening inventory 336Purchases (Balancing figure) 2,064Closing inventory (384)

_____

Cost of sales 2,016_____

(4) Other cash expenses:$000

From income statement 288Adjustments for non-cash items

Depreciation (86)Bad debts (34)Profit on disposal 15

___

183

(b) Reconciliation of operating profit to net cash flows from operating activities

$000Profit 576Depreciation 86Profit on disposal (15)Increase in inventory (384 336) (48)Increase in receivables (622 564) (58)Increase in payables (403 331) 72

___

613


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Activity 1

Casino is a publicly listed company. Details of its statements of financial position as at31 March 2008 and 2007 are shown below together with other relevant information:

Statements of financial position

31 March 2008 31 March 2007

$m $m $m $mNon-current assets (note (i))Property, plant and equipment 880 760Intangible assets 400 510

1,280 1,270

Current assetsInventory 350 420

Trade receivables 808 372Interest receivable 5 3Short term deposits 32 120Bank 15 1,210 75 990

Total assets 2,490 2,260

Equity and liabilitiesOrdinary shares of $1 each 300 200Share premium 60 Revaluation surplus 112 45Retained earnings 1,098 1,270 1,165 1,210

1,570 1,410

Non-current liabilities12% Loan note 1508% Convertible bond 160 Deferred tax 90 250 75 225

Current liabilitiesTrade payables 530 515Bank overdraft 125 Taxation 15 110

670 625 Total equity and liabilities 2,490 2,260


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The following supporting information is available:

(i) Details relating to the non-current assets are:

Property, plant and equipment at:

31 March 2008 31 March 2007Cost/ Carrying Cost/ Carrying

Valuation Depreciation value Valuation Depreciation value$m $m $m $m $m $m

Land and buildings 600 12 588 500 80 420Plant 440 148 292 445 105 340

880 760

Casino revalued the carrying value of its land and buildings by an increase of $70

million on 1 April 2007. On 31 March 2008 Casino transferred $3 million from therevaluation surplus to retained earnings representing the realisation of the revaluationsurplus due to the depreciation of buildings.

During the year Casino acquired new plant at a cost of $60 million and sold some oldplant for $15 million at a loss of $12 million.

There were no acquisitions or disposals of intangible assets.

(ii) Statement of comprehensive income for the year to 31 March 2008 (extract):

$m $mOperating loss (32)

Interest receivable 12Finance costs (24)

Loss before tax (44)Income tax repayment claim 14Deferred tax charge (15) (1)

Loss for the period (45)

The finance costs are made up of:Interest expenses (16)

Penalty cost for early redemption of 12% loan note (6)Issue costs of 8% convertible bond (2)

(24)

(iii) The short term deposits meet the definition of cash equivalents.

(iv) Dividends of $25 million were paid during the year.

Required:

As far as the information permits, prepare a statement of cash flows for Casino

for the year to 31 March 2008 in accordance with IAS 7 Statement of CashFlows.


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7 Additional disclosures

There are a number of extra disclosures which should be made in most casesto support the statement of cash flow:

Analysis of cash and cash equivalents; Major non cash transactions; Cash and cash equivalents held by the group; Reporting futures, options and swaps; Voluntary disclosures.

7.1 Analysis of cash and cash equivalents

A note should be presented that reconciles amounts held as cash and cashequivalents at the start and end of the period.

Illustration 3 Cash and cash equivalents

2007 2006 Change$ $ $

Cash on hand 1,300 (1,300)Bank overdraft (11,000) (11,000)

(11,000) (1,300) (12,300)

7.2 Major non cash transactions

Non cash transactions should be excluded from the statement of cash flows.However some of these do have a major impact on investing and financingactivities and should be disclosed in a note.

Examples of such transactions could include:

the issue of shares in order to acquire assets; the conversion of debt to equity; the inception of significant lease arrangements.

In each case a brief description of the nature and purpose of the transactionshould be given.

7.3 Voluntary disclosures

The standard encourages the disclosure of other information which may be relevantto users seeking to assess the financial health of a business. These are:

the amount of undrawn borrowings that are available and anyrestrictions on their future use.

the amount of cash flows that represent increases in capacity ratherthan maintenance of existing capacity.


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the amount of cash flows from each major activity related tointerests in joint ventures which have been accounted for using

proportional consolidation.

a segment analysis of cash flows arising from each major activity.This information should be presented by way of a note and couldappear as follows:

Cash flows Segment 1 Segment 2 Total

Operating activities x x XInvesting activities x x XFinancing activities x x X

___ ___ ___

x x X___ ___ ___

Focus

You should now be able to:

explain the need for a statement of cash flows and assess the usefulness ofinformation given by the statement of cash flows;

prepare the statement of cash flows, including relevant notes, for anindividual company in accordance with IAS 7.

Commentary

Questions may specify the use of the direct or the indirect method.


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Activity solution

Solution 1

Statement of Cash Flows Casino for the Year to 31 March 2008

$m $mCash inflows from operating activitiesOperating loss (32)Adjustments for:Depreciation buildings (W1) 2

plant (W2) 81 intangibles (510 400) 110

Loss on disposal of plant (from question) 12 205

Operating profit before working capital changes 173Decrease in inventory (420 350) 70Increase in trade receivables (808 372) (436)Increase in trade payables (530 515) 15

Cash generated from operations (178)Interest paid (16)Income tax paid (W3) (81)

Net cash outflow from operating activities (275)Cash flows from investing activitiesPurchase of land and buildings (W1) (100)

plant (W2) (60)Sale of plant (W2) 15Interest received (12 5 + 3) 10 (135)

Cash flows from financing activitiesIssue of ordinary shares (100 + 60) 160Issue of 8% convertible debt (160 2 issue costs) 158Repayments of 12% loan (150 + 6 penalty) (156)Dividends paid (25) 137

Net decrease in cash and cash equivalents (273)Cash and cash equivalents at beginning of period (120 + 75) 195

Cash and cash equivalents at end of period (125 (32 +15)) (78)

Commentary

Interest and dividends received and paid may be shown as operating cashflows or as investing or financing activities as appropriate.


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WORKINGS (in $ million)

(1) Land and buildings (net book value)

$m $m

Bal b/d 420Revaluation gain (see below) 70 Depreciation (12 (80 70)) 2

Additions () 100 Bal c/d 588 590 590

Commentary

Since there have been no disposals but accumulated depreciation is less thanin the previous year, it has been assumed that the revaluation has beenreflected through a write-back of $70m accumulated depreciation, leaving acharge for the year of $2m.

Revaluation surplus

$m $m

Transfer to retained earnings 3 Bal b/d 45

Balance c/d 112 Revaluation gain () 70 115 115

(2) Plant (cost)

$m $m

Bal b/d 445 Disposal () 65Additions (given) 60 Bal c/d 440

505 505

Plant disposals

$m $m

Cost (as above) 65 Proceeds 15

Depreciation () 38Loss on disposal 12

65 65


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Plant depreciation

$m $m

Disposal (as above) 38 Bal b/d 105

Bal c/d 148 Charge for the year () 81

186 65

(3) Taxation

$m $m

Tax paid 81 Bal b/d (110 + 75) 185Bal c/d (15 + 90) 105 Net charge for the year 1

186 186

(4) Retained earnings

$m $m

Loss for period 45 Bal b/d 1,165Dividends paid 25 Transfer from revaluation surplus 3Bal c/d 1,098

1,168 1,168

Commentary

This retained earnings working is not required as part of the solution in thiscase. However, some questions may require such a reconciliation of themovement in retained earnings to find a missing figure, such as a transfer to

share capital in respect of a bonus issue of shares. It is therefore included asa proof that all the movements in retained earnings balances have beenidentified and dealt with.


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dipifr-session30 d08 statement of cashflows

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