1. The IFRS for SMEs Section 6 Statement of Changes in Equity and
Statement of Income and Retained Earnings
By: Olonje
11/16/2018

2. Section 6- Scope
The statement of changes in equity presents all changes in equity in the reporting period, detailing those arising from transactions with owners in their capacity as owners.
Section 6
sets out requirements for presenting the changes in an entity’s equity for a period, either in a statement of changes in equity or, if specified conditions are met and an entity chooses, in a statement of income and retained earnings
By: Olonje
11/16/2018

3. Section 6- Statement of changes in equity
Shows all changes to equity including
total comprehensive income (and the allocation to owners of the parent and NCI)
for each component of equity
the effects of retrospective application and retrospective restatement (see Section 10)
reconciliation between the carrying amount at the start & end of the period showing profit or loss; each item of OCI; transactions with owners as owners; & changes in ownership interests in subsidiaries that do not result in loss of control.
By: Olonje
11/16/2018

4. Section 6- Statement of income and retained earnings
A statement of income and retained earnings can be presented (optional) instead of statement of comprehensive income and statement of changes in equity) if only changes in equity arise from:
profit or loss;
payment of dividends;
correction of prior period errors; and
changes in accounting policies.
By: Olonje
11/16/2018

5. Section 6- Statement of income and retained earnings
Shows;
all the information required by Section 5 (comprehensive income)
retained earnings at the beginning and at the end of the period
dividends recognised in the period
restatements of retained earnings for correction of prior period errors and changes in accounting policies
By: Olonje
11/16/2018