Document ID: chunk:federal_register_of_legislation:F2024C00050:body:0:p2
Version: federal_register_of_legislation:F2024C00050
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of cash flows for an entity other than a financial institution
B  Statement of cash flows for a financial institution
C  Reconciliation of liabilities arising from financing activities
COMPILATION DETAILS
Deleted IAS 7 text

available on the AASB website
Basis for Conclusions on IAS 7

Australian Accounting Standard AASB 107 Statement of Cash Flows (as amended) is set out in paragraphs 1 – 63 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 107 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IAS 7
AASB 107 Statement of Cash Flows as amended incorporates IAS 7 Statement of Cash Flows as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 7) are identified with the prefix "Aus". Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 107 also comply with IAS 7.
Not-for-profit entities' compliance with IAS 7 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 7.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 107

The Australian Accounting Standards Board made Accounting Standard AASB 107 Statement of Cash Flows under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 107 applies to annual periods beginning on or after 1 January 2024.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 22 June 2023 (see Compilation Details).

Accounting Standard AASB 107

Statement of Cash Flows

Objective
Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilise those cash flows. The economic decisions that are taken by users require an evaluation of the ability of an entity to generate cash and cash equivalents and the timing and certainty of their generation.
The objective of this Standard is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the