MEMBERS of the Guyana Cooperative Credit Union League were on Tuesday sensitised on the processes of Statement of Cash Flows (SCF) and its importance to the effective functioning of organisations.

The session was held at Regency Suites on Tuesday. According to Auditor, Financial Executive and Consultant, John Seeram, who was the main presenter at the seminar, the forum was guided by three main objectives.

These are: (1) to get persons to understand the SCF and its relationship to the statements of financial position and comprehensive income; (2) to learn how to prepare a SCF; (3) and to analyse and use the SCF to make meaningful decisions.

Seeram lauded the Guyana Cooperative Credit Union League for hosting the training seminar, noting that in accordance with international accounting standards, credit unions are required to prepare financial statements.

These statements are the Statement of Financial Position (SFP), Statement of Comprehensive Income (SCI) and the Statement of Cash Flows.