IAS 7 vs FRS 102 Section 7 Flashcards
(15 cards)
What is IAS 7?
The International Accounting Standard for the Statement of Cash Flows, part of IFRS.
What is FRS 102 Section 7?
The UK GAAP standard for the Statement of Cash Flows for private entities.
Is a cash flow statement mandatory under IAS 7?
Yes, for all entities.
Is a cash flow statement mandatory under FRS 102 Section 7?
No, it is not required for small entities.
How are dividends classified under IAS 7?
As financing activities.
How are dividends classified under FRS 102 Section 7?
They can be classified as either operating or financing activities.
Is separate disclosure of taxes paid required under IAS 7?
Yes, it must be separately disclosed.
Is separate disclosure of taxes paid required under FRS 102 Section 7?
No strict requirement, more flexibility.
What methods are allowed for presenting operating activities under IAS 7?
Direct or Indirect method.
What methods are allowed for presenting operating activities under FRS 102 Section 7?
Direct or Indirect method.
Which standard is more detailed and strict in disclosures?
IAS 7.
Which standard offers more flexibility in disclosures?
FRS 102 Section 7.
Under which standard is the cash flow statement part of international financial reporting?
IAS 7.
Under which standard does the cash flow statement apply to UK and Ireland private companies?
FRS 102 Section 7.
What is a key hint to remember IAS 7 vs FRS 102?
Dividends must go under financing activities in IAS 7, but can go under operating or financing in FRS 102.
