The ERICA WG has published a new “ERICA series” document, under the title: “FLEXIBILITY IN CLASSIFICATION OPTIONS WITHIN THE STATEMENT OF CASH FLOW”. This study examines the impact of the flexibility in classification options within the statement of cash flow. The option in the cash flow statement, according to IFRS, on how to classify interest and dividends paid and received hampers comparability between groups. The amount of operational cash flow reported by a group may differ according to whether the interest paid by the group is considered as an operating cash outflow or as a financial cash outflow. The classification choice can also have an impact on the group's credit risk assessment.