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Preparing Financial Statements: New Zealand Equivalents to International Financial Reporting Standards. Dr Grant Samkin. Statement of Changes in Equity. Opening Equity Closing Equity. Statement of Changes in Equity. Income statement. Profit (Loss) for the period.
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Preparing Financial Statements: New Zealand Equivalents to International Financial Reporting Standards Dr Grant Samkin
Statement of Changes in Equity Opening Equity Closing Equity
Statement of Changes in Equity Income statement Profit (Loss) for the period Total recognised income and expenses Other aspects of an entity’s performance Statement of Changes in Equity Information useful for assessing return on investment Balance Sheet
Required disclosures Minimum requirements (NZ IAS 1, par. 96) (a) Profit or loss for the period; (b) Each item of income and expense for period recognised directly in equity (and total); (c) Total income and expense for the period (sum of (a) and (b)); and (d) Effects of changes in accounting policies and corrections of errors for each component of equity
Additional disclosures • On the face of the statement of changes in equity or accompanying notes • Amounts of transactions with equity holders in their capacity as equity holders; • Balance of retained earnings at beginning of period, at balance sheet date and changes during period; • Reconciliation of each class of contributed equity and each reserve at beginning and end of period seperately disclosing each change.
Cross reference back to asset disclosures Provide additonal details in supporting note
Statement of recognised income and expense Cross reference back to asset disclosures
Statement of recognised income and expense • Where a statement of recognised income and expense is provided • opening and closing balances of contributed equity; • reserves; and • retained earnings • must be provided in the accompanying notes
Statement of recognised income and expense Supporting Notes: Cross reference back to asset disclosures
Statement of recognised income and expense • Distributions Note: Distribution to owners Dividends and interest Ordinary shares xxx Preference shares xxx Convertible notes xxx Share buy-back Acquisition of Y ordinary shares xxx xxx
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