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Section 6 – Introduction
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Section 6 – Analysis
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
- Section 30
- Section 31
- Section 32
- Section 33
- Section 34
- Section 35
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Section Downloads
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Contents
6.1 Scope of this section. 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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Summary
Section 6 deals with the requirements for the presentation of changes in an entity’s equity for a period.
What is new?
If the only changes in equity arise from profit or loss, dividends, changes in accounting policies or the correction of errors, a combined statement of income and retained earnings may be presented instead of the requirements detailed below.
What is different?
The Statement of Changes in Equity (the ‘SOCE’) is one of the primary financial statements, whereas previously there was a choice to disclose this as a note in the financial statements or on the face of the financial statements.
What are the key points?
The SOCE presents all changes in equity, including:
- total comprehensive income for the period showing the split between owners of the parent and non-controlling interest;
- the effects of changes in accounting policies and correction of errors; and
- a reconciliation between the carrying amount at the beginning and end of the period of each component of equity for each period presented, separately disclosing changes resulting from:
- profit or loss;
- other comprehensive income; and
- transactions with owners in their capacity as owners, e.g. dividends, treasury shares, changes in ownership interest in subsidiaries that do not result in loss of control.
What do accountants need to do?
Be aware of the changes in primary statements introduced by FRS 102 so that they prepare financial statements which are compliant with FRS 102 and advise clients of the difference.
What do companies need to do?
Be aware of the changes in primary statements introduced by FRS 102 so that they prepare financial statements which are compliant with FRS 102.
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Examples
Example 1: Consolidated Statement of Change in Equity
Example 2: Statement of Change in Equity – Non-Group Company.
Example 3: 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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FRS 102 35 Part Differences Quick Guide (859 downloads )
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FRS 102 Differences on Transition Checklist (1119 downloads )
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