The terms “Balance Sheet” and “Cash Flow Statement” will be passe very soon.

In Sept 2007, IASB issued the revised IAS 1 (similar to our sFRS 1) with the main changes in the presentation of financial statements and terminology.

For international versions of CAT6, CAT8, F3, F7, F8, P2 and P7:-

• “Balance sheet” will be “statement of financial position”.
• “Income statement” – no change.
• “Cash flow statement” will be ” statement of cash flows”.

It is effective from June 2008 sitting.

For other papers NOT mentioned above :-

• “Balance sheet” = “statement of financial position (balance sheet)” (for Jun / Dec 2008 exams).
• “Balance sheet” = “statement of financial position” (from Jun 2009 exam onwards)
• “Cash flow statement” = “statement of cash flows” (from Jun 2008 exam onwards)
• “Income statement” = “statement of comprehensive income” (from Jun 2009 exam onwards)