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Cash Flow Statement Spreadsheet Modeling Case Using a Prototype System Development Process

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Document pages: 6 pages

Abstract: U.S. GAAP and IFRS standards both require a cash flow statement that presents operating, investing and financing net cash flows (FASB, FAS 95; 1987; IASB, IAS 7, 1992). Although students are exposed to the cash flow statement in beginning accounting courses and then study the cash flow statement in more depth in intermediate accounting classes, they still have difficulty preparing the cash flow statement. Spreadsheet modeling is a skill that employers believe is a necessity for students to develop for their accounting careers since spreadsheets are used so extensively in the accounting and business world. This case helps students cement their understanding of the cash flow statement preparation and spreadsheet modeling skills. Using a prototype development process, students build a spreadsheet model that efficiently, consistently, and accurately utilizes proper spreadsheet modeling and validation techniques to process inputs of accrual accounting financial statements and other necessary input data into a proper cash flow statement output. The goal is to have a user friendly, robust cash flow statement spreadsheet model that can be generalized to most companies financial data. A few accounting professionals who are former students who actually completed the assignment provided feedback for the case. The response was that the case was a valuable learning exercise to help them prepare for the profession and should be continued. One of these former students who is now an audit manager in a large local firm stated, "The project was useful and relevant. It was one of the most real life projects I worked on in school. "

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