The boards also propose the cash equivalents be considered similar to short-term investment and presented separately from cash. As discussed earlier in the chapter, cash equivalences currently are aggregated with cash since both FASB and IASB have considered that cash equivalents are highly liquid and are essentially the same as cash. However, the boards concluded that excluding cash equivalents from the amount of cash presented in the statement of financial position would better achieve the liquidity and financial flexibility objective,16 since short-term investments to not have all the characteristics of currency on hand and are subject to some risk of price change (e.g., those attributable to sudden changes in the credit environment, as occurred in 2007-2008).