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Statement of Changes in Equity and Statement of Income and Retained Earnings

SME Par. IFRS SME U.S. GAAP
Scope of this section
6.1 This section 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.  
Statement of changes in equity
  Purpose
6.2 The statement of changes in equity presents an entity’s profit or loss for a reporting period, items of income and expense recognised in othercomprehensive income for the period, the effects of changes in accountingpolicies and corrections of errors recognised in the period, and the amounts of investments by, and dividends and other distributions to, equity investors during the period.  
  Information to be presented in the statement of changes in equity
6.3 An entity shall present a statement of changes in equity showing in the statement:
  1. total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests.
  2. for each component of equity, the effects of retrospective application or retrospective restatement recognised in accordance with Section 10 Accounting Policies, Estimates and Errors.
  3. for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately disclosing changes resulting from:
    1. profit or loss.
    2. each item of other comprehensive income.
    3. the amounts of investments by, and dividends and other distributions to, owners, showing separately issues of shares, treasury share transactions, dividends and other distributions to owners, and changes in ownership interests in subsidiaries that do not result in a loss of control.
 A separate statement of changes in equity is not required; changes in equity may be presented in the notes to the financial statements.
Statement of income and retained earnings
  Purpose
6.4 The statement of income and retained earnings presents an entity’s profit or loss and changes in retained earnings for a reporting period.  Paragraph 3.18 permits an entity to present a statement of income and retained earnings in place of a statement of comprehensive income and a statement of changes in equity if the only changes to its equity during the periods for which financial statements are presented arise from profit or loss, payment of dividends, corrections of prior period errors, and changes in accounting policy. A separate statement of changes in equity is not required; changes in equity may be presented in the notes to the financial statements.
  Information to be presented in the statement of income and retained earnings
6.5 An entity shall present, in the statement of income and retained earnings, the following items in addition to the information required by Section 5 Statement of Comprehensive Income and Income Statement:
  1. retained earnings at the beginning of the reporting period.
  2. dividends declared and paid or payable during the period.
  3. restatements of retained earnings for corrections of prior period errors.
  4. restatements of retained earnings for changes in accounting policy.
  5. retained earnings at the end of the reporting period.
  
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