IFRS – Practical Issues Series


After the success of the first episode of our “IFRS practical issues series”, we received tons of requests for IFRS related queries.

Our upcoming session will focus on preparing a consolidated cash flow statement for an entity with multiple foreign subsidiaries with varying functional currencies. We will show you a template for the consolidated cash flow with step-by-step instructions on how to calculate the “Effect of foreign exchange changes on opening cash balance. Also included in the session, is the discussion on the latest updates on IAS 12

Finance and Accounting teams are faced with multiple challenges on a regular basis while accounting under complex situations and circumstances that may not be easy to interpret from the standard

Ed-Watch has started a series on IFRS – practical issues. Click here to view our previous Episodes.

Please send in your queries for resolution HERE Or email us at: [email protected]


Case Study:

I would like to prepare a cash flow statement for an entity with many different foreign subsidiaries. The functional and presentation currency of the parent is USD, however, subsidiaries use AUD, JPY, and GBP.

Can you share a template for a consolidated cash flow, and the steps needed to prepare a consolidated cash flow? Specifically, I want to know how to prepare a calculation to prove the ‘Effect of foreign exchange changes on opening cash balances’ line on the cash flow.

How to prepare a consolidated cash flow statement where functional currency of subsidiaries is different from that of parent?

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Ms Sana is an experienced process improvement digital solution enthusiast a finance professional who is an IFRS expert She has worked with prestigious organizations in senior positions including in the role of Director Financial Reporting for Telenor Microfinance Bank and Chief Financial Officer for Lakson Investments and Next Capital and remained associated with the financial services industry for over 14 years She has worked on a wider array of projects and with major divisions throughout various sections of the banking industry, including projects on IFRS 16 IFRS 9 and IFRS 15 Based on her extensive financial reporting, presentation, and IFRS implementation experience, she is a trainer for IFRSs and Financial Storytelling techniques and runs a live program on the “IFRS Practical Issues Series” Some of the companies whose professionals she has trained are:

A few years ago, she took the role of an Entrepreneur and founded Ed Watch with a focus on the critical skills development needs of the present and future workforce Ms Sana was among the team that led the Institute of Chartered Accountants of Pakistan’s ( first ever “Women Inclusion Policy” Ms Sana is a Chartered Accountant and served her three years of article ship period in PricewaterhouseCoopers Pakistan She has been a member of ICAP’s committee on “Economic Advisory and Government Relations” for the last three years and served the “Women’s Committee” for three terms She has also been a member of ICAP’s Committee on Fiscal Laws where she had the chance to research and suggest possible solutions for “Increasing the tax net in Pakistan” Her work was published in “The Pakistan Accountant” under the title; “Time to tackle taxation Jams” in 2018

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