Statement of changes in equity Flashcards
1
Q
What circumstances allow for a single statement of comprehensive income and retained earnings?
A
If the only changes in equity result from factors such as profit/loss, dividend distributions, corrections of prior period errors, and changes in accounting policy.
2
Q
What is the main objective of the SCE?
A
To provide a detailed breakdown of the equity section presented in the SFP.
3
Q
What is ordinary share capital?
A
Sum of money raised by a company through issuance of shares.
4
Q
What is retained earnings?
A
Accumulated profits from prior financial periods.
