Cash flow statements: An international comparison of regulatory positions

Our paper compares the standard documents on cash flow statements (CFSs) from five nations and the IASC. We report on substantial differences among the standard setting bodies from the five nations and the IASC on the one hand and their constituents on the other. There are variations in regulatory postures on almost every aspect of the cash flow statement (CFS). We identify different ways of categorizing cash flows, alternative formats for presenting cash flows from operating activities among others but do not make personal choices because we do not seek to play the role of standard setters. We conclude that the quest for international harmonization of reporting practices cannot be easy.