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Contents
6.2 Small Companies Exemption.
6.2.1 Extract from FRS102: Section 6.1A..
6.3 Statement of changes in equity.
6.3.1 Extract from FRS102: Section 6.2-6.3A.
6.3.2.1.1 Specific items to be included in the Statement of changes in Equity.
6.3.2.1.2 Where to show the breakdown of the movement of other comprehensive income.
6.3.2.1.3 The requirements to provide a description of each equity reserve and where to include it.
6.3.2.1.4 The get out of from presenting a statement of changes in Equity.
6.3.2.1.5 Practical illustration of the requirements for a statement of changes in Equity.
6.3.2.1.5.1 Consolidated Statement of Changes in Equity.
6.3.2.1.5.1.1 Description of reserves in equity and the reason for movement.
6.3.2.1.5.2 Individual entity Statement of Changes in Equity.
6.3.2.1.5.2.1 Description of reserves in equity and the reason for movements.
6.4 Statement of income and retained earnings.
6.4.1 Extract from FRS102: Section 6.4-6.5.
6.4.2.1 Statement of Income and retained earnings defined.
6.4.2.2 When can the statement of income and retained earnings be adopted.
6.4.2.3 Illustrations practically of the Statement of income and retained earnings.
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6.2 Small Companies Exemption
6.2.1 Extract from FRS102: Section 6.1A
6.1A A small entity applying Section 1A Small Entities is not required to comply with this section. However, paragraph 1A.9 encourages a small entity to present a statement of changes in equity or a statement of income and retained earnings.
6.2.2 OmniPro comment
As per Section 6.1A small companies in the UK and Ireland are not required to comply with this section instead these small entities may comply with Section 1A FRS102 where the entity has availed of the exemption to prepare accounts under Section 1A. See guidance in relation to same in Section 1A of FRS102 of this guide where full details are provided. Although a small company is not required to comply with this section it would be good practice to include changes in equity or a statement of income and retained earnings as movement in Profit and Loss reserves is specifically required in Section 1A of FRS102 See … in Section 1A of FR102 for eligibility Criteria.
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Examples
Example 1: Consolidated Statement of Change in Equity
Example 2: Statement of Change in Equity – Non-Group Company.
Example3: Prior year adjustments or change in policy reflected in Statement of Changes in Equity.
Example 4: Statement of income and retained earnings.
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