The flashing phenomenon is relevant to nuclear safety analysis, for example by a loss of coolant accident and safety release scenarios. It has been studied intensively by means of experiments and simulations with system codes, but computational fluid dynamics (CFD) simulation is still at the embryonic stage. Rapid increasing computer speed makes it possible to apply the CFD technology in such complex flow situations. Nevertheless, a thorough evaluation on the limitations and restrictions is still missing, which is however indispensable for reliable application, as well as further development. In the present work, the commonly-used two-fluid model with different mono-disperse assumptions is used to simulate various flashing scenarios. With the help of available experimental data, the results are evaluated, and the limitations are discussed. A poly-disperse method is found necessary for a reliable prediction of mean bubble size and phase distribution. The first attempts to trace the evolution of the bubble size distribution by means of poly-disperse simulations are made.