STATUTORY BOARD

FINANCIAL SB-FRS 7
REPORTING STANDARD

Statement of Cash Flows

This Standard is applicable for annual reporting period beginning on

1 January 2022.
 SB-FRS 7

CONTENTS
from paragraph

OBJECTIVE

SCOPE 1

BENEFITS OF CASH FLOW INFORMATION 4

DEFINITIONS 6

Cash and cash equivalents 7

PRESENTATION OF A STATEMENT OF CASH FLOWS 10

Operating activities 13

Investing activities 16

Financing activities 17

REPORTING CASH FLOWS FROM OPERATING ACTIVITIES 18

REPORTING CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES 21

REPORTING CASH FLOWS ON A NET BASIS 22

FOREIGN CURRENCY CASH FLOWS 25

INTEREST AND DIVIDENDS 31

TAXES ON INCOME 35

INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES 37

CHANGES IN OWNERSHIP INTERESTS IN SUBSIDIARIES 39

AND OTHER BUSINESSES

NON-CASH TRANSACTIONS 43

CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 44A

COMPONENTS OF CASH AND CASH EQUIVALENTS 45

OTHER DISCLOSURES 48

EFFECTIVE DATE 53

ILLUSTRATIVE EXAMPLES (See separate document)

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Statutory Board Financial Reporting Standard 7 Statement of Cash Flows (SB-FRS 7) is set out in
paragraphs 1–60. All the paragraphs have equal authority. SB-FRS 7 should be read in the context of
its objective, the Preface to Statutory Board Financial Reporting Standards and the SB-FRS
Conceptual Framework for Financial Reporting. SB-FRS 8 Accounting Policies, Changes in
Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in
the absence of explicit guidance.

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Statutory Board Financial Reporting Standard 7

Statement of Cash Flows1
Objective
Information about the cash flows of an entity is useful in providing users of financial statements with a
basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the
entity to utilise those cash flows. The economic decisions that are taken by users require an
evaluation of the ability of an entity to generate cash and cash equivalents and the timing and
certainty of their generation.

The objective of this Standard is to require the provision of information about the historical changes in
cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash
flows during the period from operating, investing and financing activities.

Scope
1 An entity shall prepare a statement of cash flows in accordance with the requirements
of this Standard and shall present it as an integral part of its financial statements for
each period for which financial statements are presented.

2 [Not used]

3 Users of an entity’s financial statements are interested in how the entity generates and uses
cash and cash equivalents. This is the case regardless of the nature of the entity’s activities
and irrespective of whether cash can be viewed as the product of the entity, as may be the
case with a financial institution. Entities need cash for essentially the same reasons
however different their principal revenue-producing activities might be. They need cash to
conduct their operations, to pay their obligations, and to provide returns to their investors.
Accordingly, this Standard requires all entities to present a statement of cash flows.

Benefits of cash flow information

4 A statement of cash flows, when used in conjunction with the rest of the financial statements,
provides information that enables users to evaluate the changes in net assets of an entity, its
financial structure (including its liquidity and solvency) and its ability to affect the amounts and
timing of cash flows in order to adapt to changing circumstances and opportunities. Cash flow
information is useful in assessing the ability of the entity to generate cash and cash
equivalents and enables users to develop models to assess and compare the present value of
the future cash flows of different entities. It also enhances the comparability of the reporting of
operating performance by different entities because it eliminates the effects of using different
accounting treatments for the same transactions and events.

5 Historical cash flow information is often used as an indicator of the amount, timing and
certainty of future cash flows. It is also useful in checking the accuracy of past assessments of
future cash flows and in examining the relationship between profitability and net cash flow and
the impact of changing prices.

Definitions
6 The following terms are used in this Standard with the meanings specified:

Cash comprises cash on hand and demand deposits.

1
In March 2008, the title of SB-FRS 7 was amended from Cash Flow Statements to Statement of Cash Flows as a
consequence of the revision of SB-FRS 1 Presentation of Financial Statements in 2008.

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Cash equivalents are short-term, highly liquid investments that are readily convertible
to known amounts of cash and which are subject to an insignificant risk of changes in
value.

Cash flows are inflows and outflows of cash and cash equivalents.

Operating activities are the principal revenue-producing activities of the entity and
other activities that are not investing or financing activities.

Investing activities are the acquisition and disposal of long-term assets and other
investments not included in cash equivalents.

Financing activities are activities that result in changes in the size and composition of
the contributed equity and borrowings of the entity.

Cash and cash equivalents

7 Cash equivalents are held for the purpose of meeting short-term cash commitments rather
than for investment or other purposes. For an investment to qualify as a cash equivalent it
must be readily convertible to a known amount of cash and be subject to an insignificant risk
of changes in value. Therefore, an investment normally qualifies as a cash equivalent only
when it has a short maturity of, say, three months or less from the date of acquisition. Equity
investments are excluded from cash equivalents unless they are, in substance, cash
equivalents, for example in the case of preferred shares acquired within a short period of their
maturity and with a specified redemption date.

8 Bank borrowings are generally considered to be financing activities. However, in some

countries, bank overdrafts which are repayable on demand form an integral part of an entity's
cash management. In these circumstances, bank overdrafts are included as a component of
cash and cash equivalents. A characteristic of such banking arrangements is that the bank
balance often fluctuates from being positive to overdrawn.

9 Cash flows exclude movements between items that constitute cash or cash equivalents
because these components are part of the cash management of an entity rather than part of
its operating, investing and financing activities. Cash management includes the investment of
excess cash in cash equivalents.

Presentation of a statement of cash flows

10 The statement of cash flows shall report cash flows during the period classified by
operating, investing and financing activities.

11 An entity presents its cash flows from operating, investing and financing activities in a manner
which is most appropriate to its business. Classification by activity provides information that
allows users to assess the impact of those activities on the financial position of the entity and
the amount of its cash and cash equivalents. This information may also be used to evaluate
the relationships among those activities.

12 A single transaction may include cash flows that are classified differently. For example, when
the cash repayment of a loan includes both interest and capital, the interest element may be
classified as an operating activity and the capital element is classified as a financing activity.

Operating activities
13 The amount of cash flows arising from operating activities is a key indicator of the extent to
which the operations of the entity have generated sufficient cash flows to repay loans,
maintain the operating capability of the entity, pay dividends and make new investments
without recourse to external sources of financing. Information about the specific components

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of historical operating cash flows is useful, in conjunction with other information, in forecasting
future operating cash flows.

14 Cash flows from operating activities are primarily derived from the principal revenue-
producing activities of the entity. Therefore, they generally result from the transactions and
other events that enter into the determination of profit or loss. Examples of cash flows from
operating activities are:

(a) cash receipts from the sale of goods and the rendering of services;

(b) cash receipts from royalties, fees, commissions and other revenue;

(c) cash payments to suppliers for goods and services;

(d) cash payments to and on behalf of employees;

(e) cash receipts and cash payments of an insurance entity for premiums and claims,
annuities and other policy benefits;

(f) cash payments or refunds of income taxes unless they can be specifically identified
with financing and investing activities; and

(g) cash receipts and payments from contracts held for dealing or trading purposes.

Some transactions, such as the sale of an item of plant, may give rise to a gain or loss that is
included in recognised profit or loss. The cash flows relating to such transactions are cash
flows from investing activities. However, cash payments to manufacture or acquire assets
held for rental to others and subsequently held for sale as described in paragraph 68A of SB-
FRS 16 Property, Plant and Equipment are cash flows from operating activities. The cash
receipts from rents and subsequent sales of such assets are also cash flows from operating
activities.

15 An entity may hold securities and loans for dealing or trading purposes, in which case they
are similar to inventory acquired specifically for resale. Therefore, cash flows arising from the
purchase and sale of dealing or trading securities are classified as operating activities.
Similarly, cash advances and loans made by financial institutions are usually classified as
operating activities since they relate to the main revenue-producing activity of that entity.

Investing activities
16 The separate disclosure of cash flows arising from investing activities is important because
the cash flows represent the extent to which expenditures have been made for resources
intended to generate future income and cash flows. Only expenditures that result in a
recognised asset in the statement of financial position are eligible for classification as
investing activities. Examples of cash flows arising from investing activities are:

(a) cash payments to acquire property, plant and equipment, intangibles and other long-
term assets. These payments include those relating to capitalised development costs
and self-constructed property, plant and equipment;

(b) cash receipts from sales of property, plant and equipment, intangibles and other long-
term assets;

(c) cash payments to acquire equity or debt instruments of other entities and interests in
joint ventures (other than payments for those instruments considered to be cash
equivalents or those held for dealing or trading purposes);

(d) cash receipts from sales of equity or debt instruments of other entities and interests in
joint ventures (other than receipts for those instruments considered to be cash
equivalents and those held for dealing or trading purposes);

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(e) cash advances and loans made to other parties (other than advances and loans
made by a financial institution);

(f) cash receipts from the repayment of advances and loans made to other parties (other
than advances and loans of a financial institution);

(g) cash payments for futures contracts, forward contracts, option contracts and swap
contracts except when the contracts are held for dealing or trading purposes, or the
payments are classified as financing activities; and

(h) cash receipts from futures contracts, forward contracts, option contracts and swap
contracts except when the contracts are held for dealing or trading purposes, or the
receipts are classified as financing activities.

When a contract is accounted for as a hedge of an identifiable position the cash flows of the
contract are classified in the same manner as the cash flows of the position being hedged.

Financing activities
17 The separate disclosure of cash flows arising from financing activities is important because it
is useful in predicting claims on future cash flows by providers of capital to the entity.
Examples of cash flows arising from financing activities are:

(a) cash proceeds from issuing shares or other equity instruments;

(b) cash payments to owners to acquire or redeem the entity’s shares;

(c) cash proceeds from issuing debentures, loans, notes, bonds, mortgages and other
short-term or long-term borrowings;

(d) cash repayments of amounts borrowed; and

(e) cash payments by a lessee for the reduction of the outstanding liability relating to a
lease.

Reporting cash flows from operating activities

18 An entity shall report cash flows from operating activities using either:

(a) the direct method, whereby major classes of gross cash receipts and gross
cash payments are disclosed; or

(b) the indirect method, whereby profit or loss is adjusted for the effects of
transactions of a non-cash nature, any deferrals or accruals of past or future
operating cash receipts or payments, and items of income or expense
associated with investing or financing cash flows.

19 Entities are encouraged to report cash flows from operating activities using the direct method.
The direct method provides information which may be useful in estimating future cash flows
and which is not available under the indirect method. Under the direct method, information
about major classes of gross cash receipts and gross cash payments may be obtained either:

(a) from the accounting records of the entity; or

(b) by adjusting sales, cost of sales (interest and similar income and interest expense
and similar charges for a financial institution) and other items in the statement of
comprehensive income for:

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(i) changes during the period in inventories and operating receivables and
payables;

(ii) other non-cash items; and

(iii) other items for which the cash effects are investing or financing cash flows.

20 Under the indirect method, the net cash flow from operating activities is determined by
adjusting profit or loss for the effects of:

(a) changes during the period in inventories and operating receivables and payables;

(b) non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign
currency gains and losses, and undistributed profits of associates; and

(c) all other items for which the cash effects are investing or financing cash flows.

Alternatively, the net cash flow from operating activities may be presented under the indirect
method by showing the revenues and expenses disclosed in the statement of comprehensive
income and the changes during the period in inventories and operating receivables and
payables.

Reporting cash flows from investing and financing activities

21 An entity shall report separately major classes of gross cash receipts and gross cash
payments arising from investing and financing activities, except to the extent that cash
flows described in paragraphs 22 and 24 are reported on a net basis.

Reporting cash flows on a net basis

22 Cash flows arising from the following operating, investing or financing activities may
be reported on a net basis:

(a) cash receipts and payments on behalf of customers when the cash flows reflect
the activities of the customer rather than those of the entity; and

(b) cash receipts and payments for items in which the turnover is quick, the
amounts are large, and the maturities are short.

23 Examples of cash receipts and payments referred to in paragraph 22(a) are:

(a) the acceptance and repayment of demand deposits of a bank;

(b) funds held for customers by an investment entity; and

(c) rents collected on behalf of, and paid over to, the owners of properties.

23A Examples of cash receipts and payments referred to in paragraph 22(b) are advances made
for, and the repayment of:

(a) principal amounts relating to credit card customers;

(b) the purchase and sale of investments; and

(c) other short-term borrowings, for example, those which have a maturity period of three
months or less.

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24 Cash flows arising from each of the following activities of a financial institution may be
reported on a net basis:

(a) cash receipts and payments for the acceptance and repayment of deposits with
a fixed maturity date;

(b) the placement of deposits with and withdrawal of deposits from other financial
institutions; and

(c) cash advances and loans made to customers and the repayment of those
advances and loans.

Foreign currency cash flows

25 Cash flows arising from transactions in a foreign currency shall be recorded in an
entity’s functional currency by applying to the foreign currency amount the exchange
rate between the functional currency and the foreign currency at the date of the cash
flow.

26 The cash flows of a foreign subsidiary shall be translated at the exchange rates
between the functional currency and the foreign currency at the dates of the cash
flows.

27 Cash flows denominated in a foreign currency are reported in a manner consistent with SB-
FRS 21 The Effects of Changes in Foreign Exchange Rates. This permits the use of an
exchange rate that approximates the actual rate. For example, a weighted average exchange
rate for a period may be used for recording foreign currency transactions or the translation of
the cash flows of a foreign subsidiary. However, SB-FRS 21 does not permit use of the
exchange rate at the end of the reporting period when translating the cash flows of a foreign
subsidiary.

28 Unrealised gains and losses arising from changes in foreign currency exchange rates are not
cash flows. However, the effect of exchange rate changes on cash and cash equivalents held
or due in a foreign currency is reported in the statement of cash flows in order to reconcile
cash and cash equivalents at the beginning and the end of the period. This amount is
presented separately from cash flows from operating, investing and financing activities and
includes the differences, if any, had those cash flows been reported at end of period
exchange rates.

29 [Deleted]

30 [Deleted]

Interest and dividends

31 Cash flows from interest and dividends received and paid shall each be disclosed
separately. Each shall be classified in a consistent manner from period to period as
either operating, investing or financing activities.

32 The total amount of interest paid during a period is disclosed in the statement of cash flows
whether it has been recognised as an expense in profit or loss or capitalised in accordance
with SB-FRS 23 Borrowing Costs.

33 Interest paid and interest and dividends received are usually classified as operating cash
flows for a financial institution. However, there is no consensus on the classification of these
cash flows for other entities. Interest paid and interest and dividends received may be
classified as operating cash flows because they enter into the determination of profit or loss.
Alternatively, interest paid and interest and dividends received may be classified as financing

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cash flows and investing cash flows respectively, because they are costs of obtaining financial
resources or returns on investments.
34 Dividends paid may be classified as a financing cash flow because they are a cost of
obtaining financial resources. Alternatively, dividends paid may be classified as a component
of cash flows from operating activities in order to assist users to determine the ability of an
entity to pay dividends out of operating cash flows.

Taxes on income
35 Cash flows arising from taxes on income shall be separately disclosed and shall be
classified as cash flows from operating activities unless they can be specifically
identified with financing and investing activities.

36 Taxes on income arise on transactions that give rise to cash flows that are classified as
operating, investing or financing activities in a statement of cash flows. While tax expense
may be readily identifiable with investing or financing activities, the related tax cash flows are
often impracticable to identify and may arise in a different period from the cash flows of the
underlying transaction. Therefore, taxes paid are usually classified as cash flows from
operating activities. However, when it is practicable to identify the tax cash flow with an
individual transaction that gives rise to cash flows that are classified as investing or financing
activities the tax cash flow is classified as an investing or financing activity as appropriate.
When tax cash flows are allocated over more than one class of activity, the total amount of
taxes paid is disclosed.

Investments in subsidiaries, associates and joint ventures

37 When accounting for an investment in an associate, a joint venture or a subsidiary accounted
for by use of the equity or cost method, an investor restricts its reporting in the statement of
cash flows to the cash flows between itself and the investee, for example, to dividends and
advances.

38 An entity that reports its interest in an associate or a joint venture using the equity method
includes in its statement of cash flows the cash flows in respect of its investments in the
associate or joint venture, and distributions and other payments or receipts between it and the
associate or joint venture.

Changes in ownership interests in subsidiaries and other

businesses
39 The aggregate cash flows arising from obtaining or losing control of subsidiaries or
other businesses shall be presented separately and classified as investing activities.

40 An entity shall disclose, in aggregate, in respect of both obtaining and losing control of
subsidiaries or other businesses during the period each of the following:

(a) the total consideration paid or received;

(b) the portion of the consideration consisting of cash and cash equivalents;

(c) the amount of cash and cash equivalents in the subsidiaries or other
businesses over which control is obtained or lost; and

(d) the amount of the assets and liabilities other than cash or cash equivalents in
the subsidiaries or other businesses over which control is obtained or lost,
summarised by each major category.

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40A An investment entity, as defined in SB-FRS 110 Consolidated Financial Statements, need not
apply paragraphs 40(c) or 40(d) to an investment in a subsidiary that is required to be
measured at fair value through profit or loss.

41 The separate presentation of the cash flow effects of obtaining or losing control of subsidiaries
or other businesses as single line items, together with the separate disclosure of the amounts
of assets and liabilities acquired or disposed of, helps to distinguish those cash flows from the
cash flows arising from the other operating, investing and financing activities. The cash flow
effects of losing control are not deducted from those of obtaining control.

42 The aggregate amount of the cash paid or received as consideration for obtaining or losing
control of subsidiaries or other businesses is reported in the statement of cash flows net of
cash and cash equivalents acquired or disposed of as part of such transactions, events or
changes in circumstances.

42A Cash flows arising from changes in ownership interests in a subsidiary that do not result in a
loss of control shall be classified as cash flows from financing activities, unless the subsidiary
is held by an investment entity, as defined in SB-FRS 110, and is required to be measured at
fair value through profit or loss.

42B Changes in ownership interests in a subsidiary that do not result in a loss of control, such as
the subsequent purchase or sale by a parent of a subsidiary’s equity instruments, are
accounted for as equity transactions (see SB-FRS 110), unless the subsidiary is held by an
investment entity and is required to be measured at fair value through profit or loss.
Accordingly, the resulting cash flows are classified in the same way as other transactions with
owners described in paragraph 17.

Non-cash transactions
43 Investing and financing transactions that do not require the use of cash or cash
equivalents shall be excluded from a statement of cash flows. Such transactions shall
be disclosed elsewhere in the financial statements in a way that provides all the
relevant information about these investing and financing activities.

44 Many investing and financing activities do not have a direct impact on current cash flows
although they do affect the capital and asset structure of an entity. The exclusion of non-cash
transactions from the statement of cash flows is consistent with the objective of a statement of
cash flows as these items do not involve cash flows in the current period. Examples of non-
cash transactions are:

(a) the acquisition of assets either by assuming directly related liabilities or by means of a
lease;

(b) the acquisition of an entity by means of an equity issue; and

(c) the conversion of debt to equity.

Changes in liabilities arising from financing activities

44A An entity shall provide disclosures that enable users of financial statements to
evaluate changes in liabilities arising from financing activities, including both changes
arising from cash flows and non-cash changes.

44B To the extent necessary to satisfy the requirement in paragraph 44A, an entity shall disclose
the following changes in liabilities arising from financing activities:

(a) changes from financing cash flows;

(b) changes arising from obtaining or losing control of subsidiaries or other businesses;

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(c) the effect of changes in foreign exchange rates;

(d) changes in fair values; and

(e) other changes.

44C Liabilities arising from financing activities are liabilities for which cash flows were, or future
cash flows will be, classified in the statement of cash flows as cash flows from financing
activities. In addition, the disclosure requirement in paragraph 44A also applies to changes in
financial assets (for example, assets that hedge liabilities arising from financing activities) if
cash flows from those financial assets were, or future cash flows will be, included in cash
flows from financing activities.

44D One way to fulfil the disclosure requirement in paragraph 44A is by providing a reconciliation
between the opening and closing balances in the statement of financial position for liabilities
arising from financing activities, including the changes identified in paragraph 44B. Where an
entity discloses such a reconciliation, it shall provide sufficient information to enable users of
the financial statements to link items included in the reconciliation to the statement of financial
position and the statement of cash flows.

44E If an entity provides the disclosure required by paragraph 44A in combination with disclosures
of changes in other assets and liabilities, it shall disclose the changes in liabilities arising from
financing activities separately from changes in those other assets and liabilities.

Components of cash and cash equivalents

45 An entity shall disclose the components of cash and cash equivalents and shall
present a reconciliation of the amounts in its statement of cash flows with the
equivalent items reported in the statement of financial position.

46 In view of the variety of cash management practices and banking arrangements around the
world and in order to comply with SB-FRS 1 Presentation of Financial Statements, an entity
discloses the policy which it adopts in determining the composition of cash and cash
equivalents.

47 The effect of any change in the policy for determining components of cash and cash
equivalents, for example, a change in the classification of financial instruments previously
considered to be part of an entity’s investment portfolio, is reported in accordance with SB-
FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Other disclosures
48 An entity shall disclose, together with a commentary by management, the amount of
significant cash and cash equivalent balances held by the entity that are not available
for use by the group.

49 There are various circumstances in which cash and cash equivalent balances held by an
entity are not available for use by the group. Examples include cash and cash equivalent
balances held by a subsidiary that operates in a country where exchange controls or other
legal restrictions apply when the balances are not available for general use by the parent or
other subsidiaries.

50 Additional information may be relevant to users in understanding the financial position and
liquidity of an entity. Disclosure of this information, together with a commentary by
management, is encouraged and may include:

(a) the amount of undrawn borrowing facilities that may be available for future operating
activities and to settle capital commitments, indicating any restrictions on the use of
these facilities;

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(b) [deleted]

(c) the aggregate amount of cash flows that represent increases in operating capacity
separately from those cash flows that are required to maintain operating capacity; and

(d) the amount of the cash flows arising from the operating, investing and financing
activities of each reportable segment (see SB-FRS 108 Operating Segments).

51 The separate disclosure of cash flows that represent increases in operating capacity and cash
flows that are required to maintain operating capacity is useful in enabling the user to
determine whether the entity is investing adequately in the maintenance of its operating
capacity. An entity that does not invest adequately in the maintenance of its operating
capacity may be prejudicing future profitability for the sake of current liquidity and distributions
to owners.

52 The disclosure of segmental cash flows enables users to obtain a better understanding of the
relationship between the cash flows of the business as a whole and those of its component
parts and the availability and variability of segmental cash flows.

Effective date
53 This Standard becomes operative for financial statements covering periods beginning on or
after 1 January 1995.

54 SB-FRS 27 (as amended in 2009) amended paragraphs 39–42 and added paragraphs 42A
and 42B. An entity shall apply those amendments for annual periods beginning on or after 1
July 2009. If an entity applies SB-FRS 27 (amended 2009) for an earlier period, the
amendments shall be applied for that earlier period. The amendments shall be applied
retrospectively.

55 Paragraph 14 was amended by Improvements to SB-FRSs issued in October 2008. An

entity shall apply that amendment for annual periods beginning on or after 1 January 2009.
Earlier application is permitted. If an entity applies the amendment for an earlier period it
shall disclose that fact and apply paragraph 68A of SB-FRS 16.

56 Paragraph 16 was amended by Improvements to SB-FRSs issued in June 2009. An entity

shall apply that amendment for annual periods beginning on or after 1 January 2010. Earlier
application is permitted. If an entity applies the amendment for an earlier period it shall
disclose that fact.

57 SB-FRS 110 and SB-FRS 111 Joint Arrangements, issued in September 2011, amended
paragraphs 37, 38 and 42B and deleted paragraph 50(b). An entity shall apply those
amendments when it applies SB-FRS 110 and SB-FRS 111.

58 Investment Entities (Amendments to SB-FRS 110, SB-FRS 112 and SB-FRS 27), issued in
January 2013, amended paragraphs 42A and 42B and added paragraph 40A. An entity shall
apply those amendments for annual periods beginning on or after 1 January 2014. Earlier
application of Investment Entities is permitted. If an entity applies those amendments earlier it
shall also apply all amendments included in Investment Entities at the same time.

59 SB-FRS 116 Leases, issued in June 2016, amended paragraphs 17 and 44. An entity shall
apply those amendments when it applies SB-FRS 116.

60 Disclosure Initiative (Amendments to SB-FRS 7), issued in March 2016, added paragraphs
44A– 44E. An entity shall apply those amendments for annual periods beginning on or after 1
January 2017. Earlier application is permitted. When the entity first applies those
amendments, it is not required to provide comparative information for preceding periods.

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