In relation to 'retained earnings', AASB 101 mandates the following disclosures:
I. The beginning balance.
II. The balance at reporting date.
III. Any changes during the reporting period.
IV. The related tax adjustments in respect to any changes during the period.
A) I, II and III only.
B) II, III and IV only.
C) I, III and IV only.
D) III and IV only.

Question

Quizplus · Accepted Answer

According to AASB 101, entities are required to disclose the beginning balance, balance at the reporting date and any changes during the reporting period in relation to retained earnings. The related tax adjustments in respect to any changes during the period are not specifically required to be disclosed, hence option IV is incorrect. Therefore, the correct choice is option A, which includes the required disclosures of beginning balance, balance at reporting date and changes during the reporting period.

In Relation to 'Retained Earnings', AASB 101 Mandates the Following