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Recovery from the financial crisis remains uncertain across both mature and emerging markets. During the past 12 months we have seen volatile commodity prices, disruptions in supply chains, political uprisings and natural disasters.

The global economy is going through a very difficult phase. Growth in key emerging markets such as China, Brazil and India is slowing. In the United States, the economy seems to be treading water as everyone waits for the presidential elections in November, despite the looming ‘fiscal cliff’.

Increasing attention on companies’ cash generation and liquidity position has led financial statement users, regulators and other commentators to focus increasingly on the Statement of Cash Flows. However, this additional focus and scrutiny has also highlighted some common errors and inconsistencies in its preparation. This Guide aims to remind management of IAS 7's basic requirements; highlight interpretative and practical application issues; and provide insights to address these issues.

In 1951, in the aftermath of the Second World War, Belgium, France, Germany, Italy, Luxembourg and the Netherlands came together to found the European Union.