By Altaf Noor Ali, ACA
Abstract
Islamic Financial Institutions (IFIs) in Pakistan are required to present a cash flow statement as an integral part of its financial statements.
This write up brings on record insufficient direction in International Accounting Standard-7 (IAS-7) in the context of a financial institution generally. It goes on to record instances of deviations from stated standards observed and instances which appear to be misapplication and or misinterpretation of the Standard noted in the IFIs.
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