NCFONorth Cambridge Family Opera (Boston, MA)
NCFONational Conference of Fireman and Oilers
NCFONet Cash from Operations (finance)
NCFONational Census of Ferry Operators (Bureau of Transportation Statistics; US DOT)
NCFONationally Certified Fire Officer
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Without intraperiod tax allocation, NCFO is understated by the tax on gains and overstated by the tax savings on losses related to investing and financing activities.
This way, users are apprised of the tax effects of these gains and losses on reported NCFO. In the example above, transparency is increased by disclosing that income tax payments include $12,000 on a plant disposal gain and that disposal proceeds are reported as an investing inflow.
For example, Sinclair Broadcast Group, Inc., discloses in the management discussion and analysis (MD&A) section of its 2000 Form 10-K that the $69.1 million reported NCFO for 2000 is after deducting $115.1 million of income tax payments on the sale of its radio broadcast assets, which proceeds were reported as investing inflows.
Similarly, in the cash flow statement included in its 2001 Form 10-K, Delmarva Power & Light Company (DPL) reported a $60,749,000 NCFO and a $528,215,000 investing inflow from sales of electric generating plants in 2001.
For 2000, it also reported NCFO of $36,603,000 from continuing operations and an outflow of $327,000 from discontinued operations, for a total NCFO of $36,276,000.
Presumably, Duquesne Light and Amcol allocate income taxes in the cash flow statements because reported NCFO would otherwise be misleading, but neither discloses that fact.