[Global Financial Insights] IASB Launches Review of the Statement of Cash Flows and More
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- Last Updated on 20 September, 2024
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update.
1. IASB launches review of the statement of cash flows
The International Accounting Standards Board (IASB) has announced the launch of a research project to review and improve the statement of cash flows and related requirements in IFRS Accounting Standards. This initiative follows feedback received during the IASB’s Third Agenda Consultation, where investors, companies, and other stakeholders highlighted this area as a high priority. Many stakeholders, especially investors, expressed that the current standards outlined in IAS 7 Statement of Cash Flows could be enhanced to provide more relevant information for users of financial statements.
To begin, the IASB will conduct initial research involving stakeholder meetings and a review of existing studies to assess the perceived deficiencies in current reporting practices and explore the potential benefits of new financial reporting requirements. The IASB plans to discuss the outcomes of this initial research and outline the next steps for the project in the first quarter of 2025.
Source: International Accounting Standards Board
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