Statement of Changes in Equity

Question 1

How are accounts listed in the vertical format?

Answer 1

They are listed in separate columns.

Question 2

How many years of Owner’s Equity must be reported by SEC registrants?

Answer 2

Three years of OE statements.

Question 3

In what type of format does the Statement of Changes in Equity appear?

Answer 3

The format is vertical and horizontal.

Question 4

Is the Statement of Changes in Equity required under IFRS?

Answer 4

Yes, it is required.

Question 5

List the other names for Statement of Changes in Equity.

Answer 5

(1) Statement of Changes in Owner’s Equity
(2) Owner’s Equity Statement
(3) Statement of Shareholder’s Equity
(4) Statement of Owner’s Equity

Question 6

What do vertical format statements allow accountants to do?

Answer 6

Check accuracy by comparing total Owner’s Equity computed as: (1) the sum of each transaction affecting OE and (2) the sum of individual OE account balances.

Question 7

Does accumulated other comprehensive income (AOCI) have its own column in the vertical format?

Answer 7

Yes, it has its own column.