PwC - Cash is cash, isn’t it?

In times of economic distress, there is a greater focus on cash. A high profile proposal in the IASB and FASB discussion paper on financial statement presentation concerns the cash flow statement. IFRS reporters may currently present a cash flow statement on either a direct or an indirect basis, but the Boards are proposing only to permit the former in the future. That is, all cash flow statements should be presented on a direct basis. But what do ‘direct’ and ‘indirect’ mean? (Read the PricewaterhouseCoopers (PwC) IFRS blog posting Cash is cash, isn’t it?)