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1、 The summarize of cash flow statement1. IntroductionFinancial reports aim at assuring an efficient dialogue between the entity and the external operators interested in having realistic estimations on the growing perspectives of the entity and, equally, on its sustainability. In spite of the fact tha

2、t the profit and loss account, as a component of the cash-flow statement financial report, provides a dynamic image on an entitys activity, it nevertheless does not offer a clear vision on the financial flows that modify its financial structure and its cash flow. Out of the information officially is

3、sued by a certain entity, only that providing financially-significant data is selected, once it expresses nonconventional realities on the cash resources necessary for supporting an efficient investment policy and for remunerating the invested capitals, or that referring to the external contribution

4、s of capital assuring financial balance.Within such a context, to evaluate a companys capacity of generating cash flow and cash-flow equivalents, the users of financial situations analyze the cash-flow statement an expression of the cash and pay operations performed by an entity, and not only the hy

5、pothetical dimension of its performances, determined by the conventions of the obligation accountancy. The cash-flow statement is conceived so that to offer a most pregnant image of the inputs and outputs of the availabilities afferent to the main categories of activities developed by a company (exp

6、loitation, investment and financing activities) and to justify the treasurys balance at the end of the financial exercise. Otherwise, the cash flow statement explains the company performances in generating cash.The IASB has developed, at the international level, the IAS 7 norm “The cash-flow stateme

7、nts”. This norm renders void and replaces IAS 7 “The situation of changes in the financial position” from 1977 and has been revised in time, its last variant being applied on January 1st, 1994. The other entities, considered small and intermediate, can optionally conclude such a document. The obliga

8、tion imposed to some companies to develop The Cash-Flow Statement emphasizes the increasing importance of this statement in evaluating the companys performances.2. The Informational Application of Cash-Flow StatementsDrawing a Cash Flow statement has several reasons.First, the financial statements a

9、re concluded according to the commitment accounting and based on the principle of exercise independence. In these circumstances, the effects of the agreements and of other events from the company are acknowledged when they are produced and not while the cash and cash considerations are cashed or pai

10、d by the company, an aspect that does not always satisfy the necessities of the financial-accounting information users.Second, the result of the exercise, reflected in The Profit and Loss Account, is affected by a series of accounting conventions (for example, the redemption calculation system) and

11、does not express the real company performance. In exchange, The Cash-Flow Statement has the role to express unconventional realities because it eliminates the effect of using various accounting treatments for the same agreements and events and, also, does not take into account the operation revenues

12、 and expenses considered as calculated that do not generate profits and payments in the analyzed financial exercise (expenses for redemption and provisions, revenues from provisions, revenues from subsidies for investments, etc). Another aspect worth mentioning is that in conditions of under-liquidi

13、ty, the analysis of cash flows becomes a priority for the analysis of results. The analysis of the company results involves, from the simplest point of view, comparing the revenues and expenses from The Profit and Loss Account, independently from the effective moment of revenues cashing and of the e

14、xpenses payment. Thus, The Profit and Loss Account allows determining profitability without allowing the direct measure of liquidity by cash flows. There is a tendency to give priority to the profitability analysis to the prejudice of the analysis of liquidity. Profitability and liquidity are two di

15、stinct approaches that characterize the company balance sheet. A significant profitability points out that the difference between revenues and expenses ensures the payment of the invested capital. But the revenues do not always correspond to the profits or to the expenses of parties. On the other ha

16、nd, certain profits do not represent revenues (loans) and certain payments do not immediately determine the expenses (investments). A sufficient or insufficient liquidity does not correspond, by definition, to a significant or inexistent profitability. A chronic negative (absent) profitability means

17、 that the company revenues are insufficient to cover expenses and the difference between them cannot pay the invested capital. On a long term, this can lead to a lack of liquidity, in case that the company cannot earn other profits. On a short and medium term, profitability and liquidity can be sens

18、itively divergent. Thus, the profitable companies can face cash difficulties, both as a result of the rapid increase of investments in the fixed capital, which determined the increase of the financing needs for the operation cycle, and as a result of a decrease in the rotation speed of the current a

19、ssets. On the contrary, the less profitable companies can maintain a satisfying liquidity in the absence of investments or through the progressive decrease of their value. As a result, liquidity, which depends on the companys profitability and on its financial structure, is an essential approach dra

20、wing the creditors attention. The difference between the revenues capable of generating profits and the expenses capable of generating payments is represented by the cash flow, an index that connects profitability and liquidity (Ooghe H., Van Wymeersch C., 2000). Fourth, The Cash-Flow Statement, by

21、taking the census of company profits and payments, allows knowing its historical capacity to generate cash flow and offers the elements that lie at the basis of predictions, on short term, of the future cash flows. The cash-flow information is considered by the financial-accounting information users

22、 one of the most intelligible and objective source of information that presents the facts without leaving space to subjective interpretations. As a result, the cash-flow information represents the essence of some new modern methods of business evaluation (a method based on updating/capitalization of

23、 future cash flows) (Pantea I.P., Deaconu A., 2004).Finally (without pretending to mention all the uses of this situation), The Cash-Flow Statement offers extra information about a series of aspects that have already been analyzed statically, on the account of financial statements. For example, the

24、change of the company net assets can be statically analyzed starting from the balance sheet, thus being the expression of unsettled agreements. The Cash-Flow Statement presents the change of net assets, dynamically, materialized in the profits and payments of the respective agreements carried out du

25、ring the financial exercise. Consequently, the financial structure is analyzed starting from the Balance sheet and The statement of changing equity capital. Such an analysis mainly reflects the amounts belonging to the financiers, due to be repaid at the end of the financial exercise, without reveal

26、ing their dynamics. The Cash-Flow Statement presents the profits and payments concerning the external capital coming from the shareholders, creditors, as well as their payment by dividends and interests. The relationship between the companys profitability and the cash flows can be emphasized by anal

27、yzing, in dynamics, the way in which the price variation influences the period turnover and profits.IAS 7 “The Cash-Flow Statement” synthesizes the informational utility of the Cash-Flow Statement mentioning that the information offered to the financial statement users is the basis for: evaluating t

28、he companys capacity to generate cash and cash equivalents; identifying the moment of cash and cash equivalents occurrence; knowing the destination of the respective cash flows (in order to re-start the operation cycle, the investments, financiers payment).3. The determination and interpretation met

29、hodology of cash flowThe Cash-flow Statement describes the way in which the operation, investment and financing activities determine the positive (profits) and negative (payments) cash flows during the financial year. Thus the cash flows are divided upon the activities that generated or consumed the

30、m in: cash flows from the operation activities; cash flows from the investment activities; cash flows from the financing activities.In IAS 7 “The Cash-Flow Statement” it is mentioned that the operation cash-flows (OCF) are essential for appreciating the companys financial performance. It is on their

31、 dimension that the company capacity depends in order to: maintain the production capacity, achieve new investments, reward new dividends, and repay loans without referring to expensive external financing resources.The Cash-Flow Statement turns the operation result into an effectively cashed result.

32、 Cash-flows from investment activities (CFI) are imputable to the operations of investment/disinvestment in/from invested and financial capital and reflect the deficit or surplus generated by such operations.The cash flows from financing activities (CFF) present the profits and payments related to t

33、he external finances to which the company refers, when the cash resulted from the operation activities was insufficient to cover the investment operations and to reward the financiers (banks, shareholders).The separation of flows in relation to their origin has the advantage of further explanations

34、concerning the companys financial position, by means of the partial balances resulted from comparing the profits and payments specific to each activity. Simultaneously, the separate emphasis on cash and cash equivalents resulted from the period agreements and from cash surplus investments allows the

35、 factorial analysis of their variation during the respective period and the identification of the activity that generated or consumed the highest cash flows. The total cash flow is determined according to the computing method of cash flows from exploitation activities, using the direct or indirect m

36、ethod. The direct method operates only with cash-ins and payments information. According to this method, the cash flows corresponding to the three activities are computed as the difference between the effective cash-ins and payments corresponding to the transactions and events that took place within

37、 the company, during a financial exercise. The direct method is favored by investors, as it represents the starting point in making forecasts about cash flows, with the purpose to establish the companys value. The indirect method is easier to apply and preferred, according to specialists, by the man

38、agers who do not want, as we previously stated, to present to the external users the real image about their companys liquidity and solvency. It implies determining the cash flows from the operation activities by means of the information provided by the commitment accounting (from the Profit and Loss

39、 Statement). Thus, we start from the net accounting result (which includes revenues and expenses concerning the financing and investment activity, the calculated revenues and expenses). This is adjusted with the revenues and expenses related to the investment and financing activities, and with the c

40、alculated revenues and expenses (Ristea M., Lungu C. I., Jianu I., 2004).现金流量表概述1 简介财务报表旨在确定区别于实际经营情况和对外报表数据之间的有效的数据，目的在于可据此获得企业存在和可持续发展的能力和价值。损益表在分析中虽然占据重要地位，但是现金流量表作为重要补充报表，它不但提供经营活动过程中财务动态的状况，而且它能对反映其财务结构和现金流量的财务状况提供一个清晰的视觉。一个公司公布的财务报表，只提供了重要的、关键的财务数据。但现金流量表除此之外还提供了资金的“来龙去脉”，对有效的投资决策和和投资成本回报率以及提供

41、外部的资金的成本对保证财务平衡的贡献。为了衡量公司的产生的现金流量的容量和现金质量，财务状况的使用者通过分析现金流量表，可以获得一个企业现金收入和支付活动的情况，而并非只是表现其由权责发生制决定的表面上的财务状况。现金流量表编制的目的为提供一个富有意义的企业有效的现金流入和现金流出的状况，如企业正在运行的各项主要活动，比如投资活动、经营活动、筹资活动，并以此判断财政收支的平衡，进而对企业财务状况做出最终判断。除此之外，现金流量表还展示了公司创造现金的能力。在国际水平上，国际会计理事会已经得到了发展。在国际会计准则上，对现金流量表进行了具体规定。这项规定从1977年开始并不断的被修订，最终于19

42、94年1月1日施行。这一规定弥补了现金流量表原有的漏洞，并替代了国际会计准则中“财务状况变动的形式”这一项内容。现金流量表能直观的展示企业现金流方面的状况，并可对企业长远发展做出展望。一些中小企业也可针对现金流量表对企业状况得出一个结论。人们对现金流量表认识的不断加深，表明现金流量表对企业价值分析越发重要。2 现金流量表提供的信息的应用现金流量表提供的信息可用于多方面。第一，财务报表是基于权责发生制的财务制度和独立性原则下编制的。在这种情况下，现金流量的产生受制度和公司的其他事项的影响是公认的，而不是当现金或现金状况发生变动时，并不是只是为了满足权责发生制会计信息使用者的满意。第二是体现在损益

43、表中的运营的结果，受一系列会计项目的影响，比如应付款系统，即损益表并不能反映公司的这真实的财务状况。现金流量表在表现企业真实的财务状况上扮演重要的角色，因为它排除了对同一个项目运用的各种不同会计处理方法，并考虑在那些计入损益表中、但并没有创造现金收入或支出的收入和费用等。另一方面值得提起的是，非流动资产使现金流量表的分析成为很重要的分析方法。企业现金流量财务状况的分析包括，从最简单的视角，比较来自损益表的收入和费用，并独立地分析现金收入和现金费用支出状况。损益表只考虑到收益，而并没有考虑到现金的偿债能力。盈利能力和偿债能力是描述企业资产负债表两个很直接的渠道。一项重要的盈利能力可以指出了收入和

44、费用之间的不同，以确保支付费用的投资资本。但是收入并非总是利润和费用的汇聚。另一方面，一定的利润并不代表收入或贷款和不确定支付的费用或投资的差额。根据定义，一个充分或不足的偿债能力并等同于一个显著或不良的盈利能力。一个负的利润表示公司的收入不足已支付发生的费用，并且其差额未能完全支付其投资成本。这样长期下去，如果企业没有其他利润，就会导致企业缺乏偿债能力。在一个短、中期间，通过度获利能力和盈利能力分析可以感知企业财务状况的变动。因此，快速增长的固定资产的投资，造成融资的运行周期变长，并降低了流动资产的周转速度，最终导致本来获利的公司面对现金周转的困境。相反，获利较少的公司，在缺乏投资或企业价值

45、呈现递减趋势的状况下，反而能够保持令人满意的偿债能力。以此，取决于公司盈利能力和资产结构的公司的流动性成为债权人的关注点。利润收入和费用的支付能力之间的区别是现金流的代表和连接盈利能力和偿债能力的关键。通过对公司盈利能力和支付能力的调查，现金流量表使公司认识了历史现金流量，并提供了短期内未来现金流量的预测。现金流量信息被财务信息使用者认为是最简单、最客观的展示了企业财务状况的信息来源。现金流量信息也可反映了一些新的模式下企业价值分析的本质。最后，即使除了以上提到过的情况，现金流量表仍可提供公司一系列已通过其他财务报表分析了的静态财务状况之外的额外的很多信息。例如，从公司净资产的变化，并从资产负

46、债表角度，对企业进行静态分析。现金流量表可以反映企业净资产动态的变化，并使其在企业运营过程中的收入和支出中分别反映。所以资产负债表和所有者权益变动表的构成成为被分析的行列。这样的分析主要是用于反映用于偿还的融资费用。现金流量表还提供了与来自股东、债权人的外部资本相关的利润和费用的支付，及其股利和利息的支付。通过分析，我们可以了解到公司盈利能力和现金流之间的关系可以影响公司某一时期的营业额和利润。3 现金流量的测定和编制方法现金流量表描述了在某一会计期间，经营活动、投资活动和筹资活动确定现金收入和现金支出的状况。现金流量项目是根据经营活动现金流、投资活动现金流和筹资活动现金流的产生和支出来划分的

47、。在国际会计准则（ISA）中提出，经营活动现金流量是表现公司财务业绩的关键。经营活动的现金流是不包括外部融资，保持公司生产能力，获取新的更大的投资、奖励和偿还贷款利息重要项目。现金流量表可将运营结果转换成现金收支的状态。投资活动产生的现金流量产生于加大投资和减少投资、资金成本以及投资活动过程中产生的赤字或不足。筹资活动产生的现金流量反映了与公司外部资金相关的收入和支出情况，尤其是经营活动产生的现金不足以支付经营和投资活动，以及偿还银行利息和股东股利所需资金时。现金活动分项列示的优势在于，它进一步解释了公司财务状况变动，并通过分析每部分的资金平衡状态及每项现金流入和现金流出，进而了解企业财务状况

48、变动的具体原因。同时，现金活动分项列示强调了，来自运用因素分析法在不同时期产生最高现金流的经营活动及有现金结余的投资活动的现金及现金等价物。总的现金流量是根据经营活动现金流的直接法和间接法来确定的。直接法是直接陈列现金收入和支出的信息。根据这种方法，对于经营、筹资、投资这三种活动的现金流量被认为是与公司在经营过程中发生的交易或事项的经营活动现金流入和支出等同的。直接法深受投资者的偏爱，因为它是对现金流预测的起点，进而判断公司的未来价值。据专家说，间接法更容易应用和受公司外部人青睐，因为间接法可以使公司财务报表外部使用者更清楚的了解公司资产的流动性和偿付能力。也正因如此，公司内部管理者往往不想采用间接法来编制现金流量表。间接法以利润表上的净利润为起点，通过调整某些相关项目后得出经营产生的现金流量。通过将企业非现金交易，过去或者未来经营活动产生的现金收入或支出的递延或应计项目，以及与投资或筹资现金流量相关的收益或费用项目对净收益的影响进行调整来反映企业经营活动所形成的现金流量。以损益表为出发点来列示企业经营活动的现金流量情况。损益表直接体现了连接筹资和投资活动的收入和支出项目。因此采用间接法，我们就可以调整和计算筹资和投资活动的收入和支出。. .