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Information about the cash flows of an enterprise is useful in providing users of financial statements with a basis to assess the ability of the enterprise to generate cash and. As per para 6 of as 3, an investment normally qualifies as a cash equivalent only when it has a short maturity of, say three months or less from the date of acquisition. The standard deals with the provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a cash flow statement which classifies cash.
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Cash paid for interest charges and income taxes are calculated on the basis of an analysis of their respective liability accounts from the balance sheet and expense accounts from the income. In this case provision for taxation of the current year is added to calculate net profit before tax and extraordinary item. The previous year’s provision for taxation is.
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The statement of cash flows prepared using the indirect method adjusts net income for the changes in balance sheet accounts to.
What is the statement of cash flows indirect method? As prescribed by the as 3, there are two methods which can be used to prepare cash flow statement, indirect method, and direct method Therefore, it is often simpler to reconstruct the deferred tax liability account to determine the. The determination of income tax paid can be complex because in addition to current tax payable.
