diff --git a/ledger_pyreport/__init__.py b/ledger_pyreport/__init__.py
index 94d7a48..8687a7b 100644
--- a/ledger_pyreport/__init__.py
+++ b/ledger_pyreport/__init__.py
@@ -155,6 +155,7 @@ def cashflow():
 	opening_balances = []
 	closing_balances = []
 	cashflows = []
+	profits = []
 	for de, db in zip(dates_end, dates_beg):
 		tb = accounting.trial_balance(l.clone(), db - timedelta(days=1), db, report_currency)
 		opening_balances.append(sum((tb.get_balance(a) for a in cash_accounts), Balance()).exchange(report_currency, True))
@@ -162,16 +163,27 @@ def cashflow():
 		tb = accounting.trial_balance(l.clone(), de, db, report_currency)
 		closing_balances.append(sum((tb.get_balance(a) for a in cash_accounts), Balance()).exchange(report_currency, True))
 		
-		cashflows.append(accounting.account_flows(tb.ledger, de, db, cash_accounts))
+		if method == 'direct':
+			# Determine transactions affecting cash assets
+			cashflows.append(accounting.account_flows(tb.ledger, de, db, cash_accounts, True))
+		else:
+			# Determine net profit (loss)
+			profits.append(-(tb.get_total(tb.ledger.get_account(config['income_account'])) + tb.get_total(tb.ledger.get_account(config['expenses_account'])) + tb.get_total(tb.ledger.get_account(config['oci_account']))).exchange(report_currency, True))
+			
+			# Determine transactions affecting equity, liabilities and non-cash assets
+			noncash_accounts = [a for a in l.accounts.values() if a.is_equity or a.is_liability or (a.is_asset and not a.is_cash)]
+			cashflows.append(accounting.account_flows(tb.ledger, de, db, noncash_accounts, False))
+	
+	# Delete accounts with always zero balances
+	accounts = list(l.accounts.values())
+	for account in accounts[:]:
+		if all(p.get_balance(account) == 0 and p.get_total(account) == 0 for p in cashflows):
+			accounts.remove(account)
 	
 	if method == 'direct':
-		# Delete accounts with always zero balances
-		accounts = list(l.accounts.values())
-		for account in accounts[:]:
-			if all(p.get_balance(account) == 0 and p.get_total(account) == 0 for p in cashflows):
-				accounts.remove(account)
-		
 		return flask.render_template('cashflow_direct.html', period=describe_period(date_end, date_beg), ledger=l, cashflows=cashflows, opening_balances=opening_balances, closing_balances=closing_balances, accounts=accounts, config=config, report_currency=report_currency)
+	else:
+		return flask.render_template('cashflow_indirect.html', period=describe_period(date_end, date_beg), ledger=l, cashflows=cashflows, profits=profits, opening_balances=opening_balances, closing_balances=closing_balances, accounts=accounts, config=config, report_currency=report_currency)
 
 @app.route('/transactions')
 def transactions():
diff --git a/ledger_pyreport/accounting.py b/ledger_pyreport/accounting.py
index 9a1bc33..01f9978 100644
--- a/ledger_pyreport/accounting.py
+++ b/ledger_pyreport/accounting.py
@@ -168,14 +168,14 @@ def ledger_to_cash(ledger, currency):
 	return ledger
 
 # Summarise related transactions
-def account_flows(ledger, date, pstart, accounts):
+def account_flows(ledger, date, pstart, accounts, related):
 	transactions = [t for t in ledger.transactions if any(p.account in accounts for p in t.postings) and t.date <= date and t.date >= pstart]
 	
 	tb = TrialBalance(ledger, date, pstart)
 	
 	for transaction in transactions:
 		for posting in transaction.postings:
-			if posting.account in accounts:
+			if (posting.account in accounts) is related:
 				continue
 			
 			tb.balances[posting.account.name] = tb.get_balance(posting.account) - posting.amount
diff --git a/ledger_pyreport/jinja2/cashflow_indirect.html b/ledger_pyreport/jinja2/cashflow_indirect.html
new file mode 100644
index 0000000..1db0021
--- /dev/null
+++ b/ledger_pyreport/jinja2/cashflow_indirect.html
@@ -0,0 +1,90 @@
+{#
+    ledger-pyreport
+    Copyright © 2020  Lee Yingtong Li (RunasSudo)
+ 
+    This program is free software: you can redistribute it and/or modify
+    it under the terms of the GNU Affero General Public License as published by
+    the Free Software Foundation, either version 3 of the License, or
+    (at your option) any later version.
+ 
+    This program is distributed in the hope that it will be useful,
+    but WITHOUT ANY WARRANTY; without even the implied warranty of
+    MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+    GNU Affero General Public License for more details.
+ 
+    You should have received a copy of the GNU Affero General Public License
+    along with this program.  If not, see <https://www.gnu.org/licenses/>.
+#}
+
+{% extends 'base_report.html' %}
+
+{% macro print_rows(account, invert=False, level=0) %}
+	<tr>
+		<td style="padding-left: calc(2px + {{ level }}em);">
+			{% if cashflows|length == 1 %}
+				<a href="/transactions?{{ {'date_end': cashflows[0].date.strftime('%Y-%m-%d'), 'date_beg': cashflows[0].pstart.strftime('%Y-%m-%d'), 'account': account.name, 'cash': 'on' if cash else ''}|urlencode }}">{{ account.bits[-1] }}</a>
+			{% else %}
+				{{ account.bits[-1] }}
+			{% endif %}
+		</td>
+		{% for cashflow in cashflows %}
+			{% set amount = (-cashflow.get_balance(account) if invert else cashflow.get_balance(account)).exchange(report_currency, True) %}
+			<td>{% if not amount.near_zero %}{{ amount|a('/transactions?' + {'date': cashflow.date.strftime('%Y-%m-%d'), 'pstart': cashflow.pstart.strftime('%Y-%m-%d'), 'account': account.name, 'cash': 'on' if cash else ''}|urlencode) }}{% endif %}</td>
+		{% endfor %}
+	</tr>
+	
+	{% for child in account.children|sort(attribute='name') if child in accounts %}
+		{{ print_rows(child, invert, level + 1) }}
+	{% endfor %}
+{% endmacro %}
+
+{% block title %}Cash Flow Statement for the {{ period }}{% endblock %}
+
+{% block report %}
+	<h1>Cash Flow Statement</h1>
+	<h2>For the {{ period }}</h2>
+	
+	<table class="ledger onedesc">
+		{# Profit and loss #}
+		<tr>
+			<th></th>
+			{% for cashflow in cashflows %}<th class="h2">{{ cashflow.date.strftime('%Y') }}&nbsp;</th>{% endfor %}
+		</tr>
+		<tr>
+			<td>Total Comprehensive Income</td>
+			{% for profit in profits %}<td>{{ profit|a }}</td>{% endfor %}
+		</tr>
+		<tr><td colspan="{{ cashflows|length + 1 }}">&nbsp;</td></tr>
+		
+		{# Cash flows #}
+		<tr>
+			<th class="h2" colspan="{{ cashflows|length + 1 }}">Adjustments for Changes in Non-cash Accounts</th>
+		</tr>
+		{% for account in ledger.root_account.children|sort(attribute='name') if account in accounts %}
+			{{ print_rows(account, invert=invert) }}
+		{% endfor %}
+		<tr class="total">
+			<td>Total Adjustments</td>
+			{% for cashflow in cashflows %}<td>{{ cashflow.get_total(ledger.root_account).exchange(report_currency, True)|a }}</td>{% endfor %}
+		</tr>
+		<tr class="total">
+			<td>Net Cash Inflow (Outflow)</td>
+			{% for cashflow in cashflows %}<td>{{ (profits[loop.index0] + cashflow.get_total(ledger.root_account).exchange(report_currency, True))|a }}</td>{% endfor %}
+		</tr>
+		<tr><td colspan="{{ cashflows|length + 1 }}">&nbsp;</td></tr>
+		
+		{# Summary #}
+		<tr>
+			<td>Opening Cash</td>
+			{% for opening_balance in opening_balances %}<td>{{ opening_balance|a }}</td>{% endfor %}
+		</tr>
+		<tr>
+			<td>Net Cash Inflow (Outflow)</td>
+			{% for cashflow in cashflows %}<td>{{ (profits[loop.index0] + cashflow.get_total(ledger.root_account).exchange(report_currency, True))|a }}</td>{% endfor %}
+		</tr>
+		<tr class="total">
+			<td>Closing Cash</td>
+			{% for closing_balance in closing_balances %}<td>{{ closing_balance|a }}</td>{% endfor %}
+		</tr>
+	</table>
+{% endblock %}