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Plain‑English explainer of HKAS 7 / IAS 7 for students, junior accountants and non‑specialists who find official standards too dense to read.
This article is based on Hong Kong Accounting Standards (HKAS / HKFRS), which are fully aligned with IAS / IFRS except for minor local tweaks, so the same principles generally apply under IAS / IFRS unless noted otherwise. The goal is to unpack HKAS 7 Statement of Cash Flows (equivalent to IAS 7) using plain English and practical, real‑life examples instead of technical jargon. It is written for students, junior accountants, audit juniors and finance professionals who want to understand not just “what the standard says” but how to actually read and prepare financial statements in line with it.
When you see “the company” or “the entity” below, you can think of any entity that prepares general purpose financial statements under HKFRS / IFRS.
Why The “Small Print” In HKAS 7 Matters
Many people see the statement of cash flows as a “re‑arrangement” of the statement of profit or loss and the statement of financial position – something to be done at the end, after the “real” work is finished.
But when you read the notes in listed company reports, especially for banks, property groups or large corporates, you quickly see that items like interest, dividends, income taxes, lease payments, exchange differences and debt restructurings involve a lot of judgment and interact with multiple standards.
If these details are handled poorly, a few things can go wrong:
- Operating cash flows may look strong simply because large interest payments are pushed into financing activities, misleading management and investors about the true underlying performance.
- The entity may obtain assets via finance leases but fail to disclose these as non‑cash investing and financing transactions, making the sources of debt growth less transparent.
- The reconciliation of changes in liabilities from financing activities may be incomplete, so users cannot see clearly how borrowings changed due to cash flows, foreign exchange, fair value movements, acquisitions or disposals of subsidiaries.
This article breaks down those “detail” areas in HKAS 7 so that when you next prepare or review a cash flow statement, you know where the judgment hotspots are and feel more confident discussing them with auditors and management.
What You Should Be Able To Do After Reading?
By the end, you should be able to:
- Understand the different classification options for interest and dividends across operating, investing and financing activities, the typical practices for financial institutions versus non‑financial companies, and why consistency over time matters more than the exact choice.
- Apply the general principle that income tax cash flows are usually operating activities, but be able to reclassify specific tax cash flows to investing or financing when they clearly relate to those transactions.
- Distinguish non‑cash investing and financing transactions (such as leases, debt‑to‑equity swaps and share‑based acquisitions) that should be excluded from the cash flow statement but disclosed in the notes.
- Read and prepare a reconciliation of liabilities from financing activities (the “financing bridge”) that separates cash flows from non‑cash changes, and understand the intention behind the 2016 amendments.
- Appreciate how HKAS 7 connects with other standards such as HKAS 16, 21, 23, HKFRS 10, IFRS 6 and SME‑FRF / SME‑FRS, and think about how to balance information value with preparation cost.
1. Interest And Dividends: Classification Choices And Common Practice
The classification of cash flows for interest and dividends is one of the most frequently questioned – and most diverse – parts of HKAS 7.
The standard allows some flexibility but insists that classifications must be applied consistently across periods to avoid “window dressing” of operating cash flows.
HKAS 7 requires separate disclosure of cash flows for:
- Interest received and interest paid
- Dividends received
- Dividends paid
Each of these must be classified as operating, investing or financing activities, and the method must be consistent from year to year.
The standard acknowledges that practices differ between financial institutions and other entities.
Financial Institutions: Everything as Part of Core Operations
For banks, securities firms and asset managers, lending, investing, taking deposits and issuing debt are part of their main revenue‑generating activities.
As a result:
- Interest income and dividend income are usually classified as operating cash inflows because they are core sources of operating revenue.
- Interest paid (for example on customer deposits or inter‑bank funding) is typically classified as an operating cash outflow.
The logic is to make operating cash flows reflect the “interest margin and fee” business in a realistic way, rather than stripping interest‑related flows out into investing and financing categories.
Non‑financial Entities: “Profit View” vs “Funding View”
For non‑financial entities, HKAS 7 recognises two main ways of thinking:
- Profit‑oriented view
- Interest income, interest expense and dividend income all affect profit, so the entity treats them as part of operating activities.
- Advantage: operating cash flows stay closer to profit and are easier to reconcile.
- Risk: in highly leveraged companies, large interest outflows can weigh heavily on operating cash flows, making it harder to separate business performance from capital structure effects.
- Funding‑and‑investment view
- Interest paid is seen as a cost of financing → classified as a financing cash outflow.
- Interest received and dividends received are seen as returns on investments → classified as investing cash inflows.
- Dividends paid are treated as returns to shareholders → usually classified as financing cash outflows (HKAS 7 also permits classification as operating to show the entity’s ability to pay dividends from operating cash).
In practice, many Hong Kong listed companies adopt the second approach: interest paid is shown in financing, interest and dividends received appear in investing, and dividends paid are typically shown under financing.
This makes operating cash flows more focused on “business performance excluding capital structure”, which is particularly useful for leveraged or transaction‑heavy entities.
Consistency And Disclosure: Avoiding “Selective Beautification”
Whatever classification the entity chooses, HKAS 7 stresses that it must be consistent across periods.
If the classification policy changes, it should be treated as a change in accounting policy, with appropriate disclosure of the reasons and the impact.
In real‑world audit work, teams often pay close attention to:
- Whether the classification of interest and dividends is consistent with prior years.
- Whether the classification remains reasonable when there are major acquisitions, restructurings or debt restructurings.
- Whether new instruments (such as convertible bonds) have interest cash flows classified in a way that is consistent with their presentation under other standards.
A practical approach is to include a short, clear policy in the accounting policies note, explaining the classification of interest and dividends with one or two simple examples.
This helps ensure that internal staff and auditors apply the policy consistently year after year.
2. Income Taxes: Default Classification And Special Cases
Income tax cash flows look simple at first glance, but in practice they often span multiple periods and interact with various activities.
HKAS 7’s basic rule is: cash flows from taxes on income are usually classified as operating cash flows, because income taxes are generally computed on profits that mainly arise from operating activities.
However, when an income tax cash flow can be clearly linked to a specific investing or financing transaction, HKAS 7 allows classification in line with that transaction.
General Rule: Assume Operating Activities
HKAS 7 states that income tax cash flows should be separately disclosed and generally classified as operating activities.
In practice:
- Most entities treat current income taxes paid as operating cash outflows.
- Deferrals, provisions and changes in tax estimates under the deferred tax model usually do not represent cash flows in the period and therefore do not directly affect the tax line in the cash flow statement.
This approach reflects the reality that, for many entities, it is difficult to allocate total tax paid precisely between individual transactions or activities.
Exceptions: Tax Clearly Tied to Investing or financingF
When income tax cash flows can be clearly associated with specific investing or financing transactions, HKAS 7 permits classification that matches the nature of those transactions.
Common examples include:
- Tax on gains from disposal of property, plant and equipment or investment properties.
- Tax effects of repaying tax‑deductible borrowings (for example, a reduction in tax shields).
- Capital gains tax on acquisition or disposal of subsidiaries.
A typical real‑life scenario would be:
- In a given year, the entity sells a long‑held investment property, generating a significant gain and tax charge.
- The entity and its tax advisers calculate the tax portion clearly attributable to this transaction.
- In the cash flow statement, the related tax cash outflow is presented as an investing cash outflow, matching the cash inflow from the disposal.
This makes it easier for users to see the net cash effect of the investing transaction instead of having all related tax cash flows buried in operating activities.
Timing Differences: Taxes Paid in Another Period
In practice, the payment date for tax often differs from the period in which the transaction occurs:
- Tax on a disposal may be paid in the following year.
- Tax paid in the current year may partly relate to prior‑year profits.
Here the key question is whether the link between the tax cash flow and a specific investing or financing transaction can still be reliably identified.
- If management and auditors believe the connection is clear and can be reasonably quantified, the related tax cash flows can be classified as investing or financing.
- If not, the safer approach is to keep them within operating activities.
In working papers, a good practice is to include a short note explaining the classification judgment for significant tax cash flows.
That way, future reviewers can see which portions relate to specific transactions and which are general income tax on operating profits.
3. Non‑Cash Investing And Financing Transactions: Exclude From The Statement, Disclose In The Notes
HKAS 7 emphasises that only transactions involving inflows or outflows of cash and cash equivalents should appear in the statement of cash flows.
Some important investing and financing transactions have no immediate cash effect but significantly change the company’s capital structure and resource allocation; these must be disclosed separately in the notes.
These are called non‑cash investing and financing transactions.
They are excluded from the main cash flow statement but described in the notes or elsewhere in the financial statements.
Typical Non‑cash Transaction Scenarios
Common examples include:
- Acquisition of assets via finance leases
- The entity obtains an asset (such as equipment or property) via a lease arrangement, recognising a right‑of‑use asset and a lease liability at inception, but there is no initial cash outflow.
- Debt‑to‑equity swaps
- A creditor agrees to convert debt into shares, so borrowings decrease and share capital / reserves increase with no cash movement.
- Acquisitions of subsidiaries using shares as consideration
- The entity acquires another company by issuing its own shares instead of paying cash.
- Scrip dividends
- Shareholders receive dividends in the form of new shares rather than cash.
If you looked only at the cash flow statement, you might miss these transactions entirely; HKAS 7 therefore requires appropriate note disclosures to highlight them.
Why Non‑cash Transactions Stay Out of The Cash Flow Statement
The purpose of the cash flow statement is to help users understand the sources and uses of cash and cash equivalents.
Mixing non‑cash transactions into it would weaken its usefulness as a cash‑based analysis tool.
Take finance leases as an example:
- At the commencement date, there is no cash paid; instead, the entity recognises a lease liability equal to the present value of future lease payments.
- If this were wrongly presented as an immediate investing cash outflow and financing cash inflow, users might think there was a large capital expenditure and financing transaction during the period.
The correct treatment is:
- In subsequent periods, each lease payment is split into interest and principal.
- The interest portion is classified as an operating or financing cash outflow depending on policy.
- The principal portion is classified as a financing cash outflow.
- The initial recognition of the asset and lease liability is described in the notes as a non‑cash investing and financing transaction.
Disclosure Format and Key Points
HKAS 7 does not prescribe a specific format, but common practice is to include a short narrative and/or a simple table in the notes showing:
- The nature of each transaction (for example “Acquisition of equipment by entering into a new finance lease”).
- The amounts of the assets and liabilities involved (for example increases in right‑of‑use assets and lease liabilities).
- The impact on share capital, reserves or other key items where relevant.
The aim is to make sure users can:
- See which movements in assets and liabilities are due to non‑cash transactions.
- Reconcile those movements with the reconciliation of liabilities from financing activities (for example, lease liabilities added through new leases or debt‑equity swaps).
4. Reconciliation Of Liabilities From Financing Activities: The “Financing Bridge”
The 2016 “Disclosure Initiative” amendments to HKAS 7 added an important requirement: entities must provide disclosures that show how liabilities arising from financing activities change between the beginning and end of the period.
The goal is to help users understand how financing liabilities move due to both cash flows and non‑cash factors.
These disclosures typically take the form of a reconciliation of liabilities from financing activities – often called a financing bridge.
HKAS 7 expects disclosures that allow users to evaluate changes in financing liabilities arising from:
- Cash flows from financing activities
- Acquisitions and disposals of subsidiaries or other businesses
- Effects of changes in foreign exchange rates
- Fair value changes
- Other non‑cash changes (such as new leases, debt‑to‑equity swaps, reclassifications)
Concept of the Reconciliation Schedule
The standard does not enforce a single format but suggests that a reconciliation table is a useful way to present this information.
A typical table will show, for each major type of financing liability (bank loans, bonds, lease liabilities, etc.):
- Opening balance
- Cash inflows and outflows that appear in the financing section of the cash flow statement (new borrowings, principal repayments, lease principal payments)
- Non‑cash changes such as:
- Foreign exchange remeasurement
- Fair value changes
- Increases or decreases due to acquisitions or disposals of subsidiaries
- New lease liabilities from entering into leases
- Debt‑to‑equity swaps or other reclassifications
- Closing balance
This gives users a top‑down view of how financing liabilities changed during the year, without forcing them to cross‑reference multiple notes and the cash flow statement.
Defining “Liabilities from Financing Activities”
HKAS 7 defines these as liabilities for which related cash flows are, or will be, classified as financing activities in the cash flow statement.
If there are financial assets whose cash flows are also classified as financing activities (for example, certain hedging instruments related to financing liabilities), their movements may also be included in the reconciliation.
Practical judgment points include:
- Whether certain bank deposits or short‑term notes are treated as part of cash management (operating activities) or as financing liabilities.
- Whether intra‑group loans in separate financial statements are material financing sources that warrant inclusion in the reconciliation.
It is usually best to decide the scope of “financing liabilities” through discussions between the CFO, the financial reporting team and the auditors, balancing the requirements of HKAS 7 with the entity’s actual financing structure.
Analytical Value: Debt and Liquidity Assessment
From a user’s perspective, the financing reconciliation helps to:
- See whether increases in debt come mainly from new borrowings and lease arrangements or from acquisitions and other non‑cash arrangements.
- Distinguish “real repayments” from reductions caused by foreign exchange movements or fair value changes.
- Assess future cash flow pressure – for example, a large increase in lease liabilities indicates a pipeline of recurring lease payments.
For this reason, many companies present the reconciliation as a table with brief explanatory notes, even though HKAS 7 allows some flexibility in presentation.
5. Interaction With Other Standards: HKAS 16, 21, 23, HKFRS 10, IFRS 6 And Others
HKAS 7 does not operate in isolation; to keep financial statements consistent, its cash flow classification rules need to be aligned with other standards.
Some common intersection points are worth highlighting.
With HKAS 16: Capital Expenditure and Disposals
For property, plant and equipment under HKAS 16:
- Cash outflows for purchases of fixed assets are usually classified as investing activities.
- Cash inflows from disposing of such assets are also investing activities.
- If assets are held to earn rentals and then for sale, you must consider whether holding and selling them is part of the entity’s main operating activities; in some business models, related cash flows may be treated as operating rather than investing.
When you apply HKAS 16 to assess asset classification and use, you should think simultaneously about how the related cash flows will be classified under HKAS 7, to avoid inconsistencies between statements.
With HKAS 21: Foreign Currency Cash Flows and Exchange Rates
HKAS 21 requires that foreign currency cash flows be translated using the exchange rate at the date of the cash flow (or a close approximation), and that year‑end cash and cash equivalents be translated at the closing rate.
HKAS 7 then requires the effect of exchange rate changes on cash and cash equivalents to be presented as a separate line, reconciling opening and closing cash and cash equivalents.
In practice:
- Individual cash flows are shown using transaction‑date or average rates.
- Exchange differences on cash and cash equivalents are not allocated to operating, investing or financing activities; they appear as “Effect of exchange rate changes on cash and cash equivalents”.
This avoids treating currency movements as if they were cash inflows or outflows from specific activities, while still showing the impact of FX risk on cash positions.
With HKAS 23: Capitalised Borrowing Costs
HKAS 23 permits capitalisation of eligible borrowing costs as part of the cost of qualifying assets.
HKAS 7, however, requires that the cash flows for interest be disclosed in the cash flow statement as “interest paid”, classified according to the entity’s policy (operating or financing).
In other words:
- Capitalisation of interest affects the statement of profit or loss and statement of financial position, but
- The cash flow statement must still show the actual interest paid, and the classification of that cash flow should follow the chosen policy, not the fact that the interest is capitalised.
A common mistake is to assume that capitalised interest should automatically be shown as an investing cash flow; HKAS 7’s focus is on consistent classification of interest cash flows, not on copying the accounting treatment for borrowing costs.
With HKFRS 10: Investment Entities and Subsidiary Cash Flows
HKFRS 10 provides special rules for investment entities, allowing them to measure certain subsidiaries at fair value through profit or loss instead of consolidating them.
In such cases, the group cash flow statement does not include the cash flows of those non‑consolidated subsidiaries; it only reflects the investment entity’s own cash flows, such as cash distributions to investors and investments into portfolio entities.
Users must therefore read the notes to understand:
- Which entities are treated as investment targets and not consolidated.
- Where, if at all, cash flow information about those targets is presented.
Preparers must ensure that the scope of the cash flow statement aligns with the consolidation scope, and explain this clearly in the notes.
With IFRS 6 / HKFRS 6: Exploration and Evaluation Expenditures
For entities engaged in mineral or oil exploration, IFRS 6 / HKFRS 6 provides guidance on recognition and presentation of exploration and evaluation expenditures.
In the cash flow statement, classification depends on the nature of the expenditure:
- Expenditure capitalised as tangible or intangible assets is typically treated as investing cash outflows.
- Some expenditures that are part of ongoing exploration operations may be treated as operating cash outflows.
The standard clarifies that not all exploration costs should automatically be treated as operating cash flows; capital‑type expenditures should be reflected in investing activities to avoid distorting the investing cash flow information.
6. SME‑FRF / SME‑FRS Versus HKAS 7: What Changes For Smaller Entities?
In Hong Kong, smaller entities that meet the “reporting exemption” conditions under the Companies Ordinance can choose to apply SME‑FRF / SME‑FRS instead of full HKFRS / HKAS.
This local SME framework simplifies cash flow statements and disclosures compared with HKAS 7, reflecting a cost‑benefit trade‑off.
Is a Cash Flow Statement Required?
Under SME‑FRS, a “full” set of financial statements includes: a statement of financial position, an income statement and accounting policies and explanatory notes.
A statement of cash flows is not mandatory.
- Eligible SMEs can choose not to prepare a cash flow statement, provided they comply with legal requirements and shareholder expectations.
- However, if an entity chooses to present a cash flow statement, it must follow Section 22 of SME‑FRS instead of making up its own approach.
For many Hong Kong SMEs, this is a practical difference: under full HKFRS / HKAS, cash flow statements are mandatory; under SME‑FRS, they are optional unless required by banks, investors or group reporting.
If You Do Prepare a Cash Flow Statement: How Close Is It to HKAS 7?
Once an SME chooses to include a cash flow statement under SME‑FRS, the core classification framework is essentially the same as HKAS 7:
- Cash flows are split into operating, investing and financing activities.
- The entity can use the direct or indirect method (most SMEs use the indirect method).
- There is some choice in classifying interest and dividends, but policies must be consistent.
In other words, once you decide to prepare a cash flow statement, the language and structure are very close to HKAS 7, with fewer advanced disclosure requirements.
The main simplification is that SME‑FRS does not require the same level of depth in areas like detailed financing reconciliations.
What Disclosures Are Reduced Under SME‑FRS?
Compared with HKAS 7, SME‑FRS simplifies several aspects:
- It does not require the detailed reconciliation of liabilities from financing activities introduced by the 2016 HKAS 7 amendments.
- It requires less granular disclosure of non‑cash investing and financing transactions; a more general description of significant non‑cash arrangements is often sufficient.
- Overall, the note disclosure framework is leaner, with fewer sections for complex instruments, share‑based payments, segment information and other advanced topics.
However, SME‑FRS still stresses certain key points:
- Users should be able to see net changes in cash and cash equivalents and the reconciliation between opening and closing balances.
- Cash flows should be reasonably separated into operating, investing and financing activities.
- Accounting policies should be clear enough to explain the classification of interest, dividends and tax cash flows.
Practical Impact for SMEs and Users
For preparers, SME‑FRF / SME‑FRS mainly provides choice:
- If the company is small, transactions are simple, and banks do not demand cash flow statements, it can stick to the statement of financial position and income statement plus notes, saving time and system cost.
- If the company is seeking bank finance, potential investors or a sale, voluntarily adding a cash flow statement often improves transparency and credibility; in that case, SME‑FRS gives a lean cash flow framework without full HKAS 7 complexity.
For users such as banks, investors and owners:
- Entities using full HKFRS / HKAS 7 provide more comprehensive cash flow information, including non‑cash financing, financing reconciliations and detailed notes – helpful for deeper analysis of debt and liquidity.
- Entities using SME‑FRS without cash flow statements require users to rely more on changes in the statement of financial position, notes and management explanations; banks may request supplementary cash flow analyses if needed.
From a teaching and training angle, you can think of HKAS 7 as the “full version” of cash flow disclosure, while SME‑FRF / SME‑FRS is a “modular” version for SMEs: start with a minimal set, then add more cash flow information as the business and its financing needs grow.
7. Practical Debates And Cost‑Benefit Considerations
Although HKAS 7 aims to improve the usefulness of cash flow information, there are still practical debates about the scope and depth of some requirements, especially for financing reconciliations, financial institution classifications and system costs when multiple new standards are implemented together.
Defining Financing Liabilities for Banks
One frequent debate concerns financial institutions.
For banks, most liabilities (such as customer deposits and inter‑bank funding) could be considered part of “operating activities”, so if “liabilities from financing activities” were defined strictly by the formal cash flow classification, the resulting group might appear narrow.
Some argue this reduces the analytical value of the reconciliation, because a bank’s real funding base lies predominantly in these “operating” liabilities.
On the other hand, including all liabilities would go beyond the HKAS 7 definition.
To balance this, some entities provide additional note disclosures – for example, a broader table of “principal funding sources” together with narrative explanations linking that to the formal HKAS 7 requirements.
Cost of Implementing Multiple New Atandards At Once
In recent years, several new standards have become effective – lease standards, financial instruments standards, revenue standards – many of which affect cash flow classification and disclosure.
Systems now need to support:
- More granular cash flow classification (for example, splitting interest and principal, distinguishing lease payments by type).
- More complete tracking of non‑cash transactions (such as initial recognition of lease liabilities, fair value movements, FX remeasurement).
- More complex cross‑references between notes and the cash flow statement.
For large groups, this often means ERP changes, reporting system upgrades and process redesign, all with significant cost.
Smaller entities may need to choose between manual workarounds and simplified disclosures.
Information Value versus Cost: a Practical Mindset
Amid these debates, it helps to remember the core purpose: cash flow statements and related notes exist to help users understand the entity’s cash‑generating ability, funding structure and liquidity risk, not just to tick compliance boxes.
In practice, you can think along these lines:
- Within the minimum requirements of HKAS 7 or SME‑FRS, assess whether additional disclosures (such as more detailed reconciliations or non‑cash transaction notes) clearly improve understanding for banks, investors or internal management.
- For requirements that are hard to implement systematically, start with “priority items”: for example, prepare detailed financing reconciliations only for major borrowings and lease liabilities, then expand as systems improve.
- Keep key judgments and simple quantitative analyses in your working papers so that future audits and internal reviews can see the reasoning.
8. Conclusion: Use HKAS 7 To Make Cash Flows Tell The Truth
The statement of cash flows might look like just one more primary statement, but once you deal with interest, dividends, taxes, non‑cash transactions and financing reconciliations, you see that HKAS 7 is really about telling a clear, honest story about cash.
In your own work or exam practice, you can add a couple of extra steps:
- Whenever you see a significant investing or financing transaction, ask: “How will this appear in the cash flow statement? Are there related tax or non‑cash elements that need separate disclosure?”.
- Before finalising the cash flow statement, sketch a simplified reconciliation of financing liabilities to see whether you can clearly explain movements from opening to closing balances.
Once you build this habit, HKAS 7 stops being just a set of paragraphs and becomes a tool to help you explain the financial story more clearly.
Key Takeaways For Students And Junior Accountants
- For each interest, dividend and tax cash flow, first ask: “What is our policy and is this consistent with previous periods?”; this mindset prevents unintentional “beautification” of operating cash flows.
- Always identify non‑cash investing and financing transactions (leases, debt‑equity swaps, share‑based acquisitions, scrip dividends) and make sure they are excluded from the main cash flow statement but properly disclosed in the notes.
- When preparing or reviewing the financing reconciliation, focus on separating cash flows from non‑cash changes (FX, fair value, acquisitions, new leases) and checking that the totals tie back to the statement of financial position.
- When reading contracts or structuring deals, think early about cash versus non‑cash effects, and about whether future cash flows will be operating, investing or financing; this will make journal entries and working papers much easier later.
- In exams and in practice, explain your classification logic briefly in words – especially for interest, dividends and taxes – as this demonstrates understanding beyond memorising the standard’s wording.
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