The statement of changes in shareholder's equity
A)Is a required statement under IFRS
B)Is a required statement under private entity GAAP
C)Is a required statement under either standard
D)None of these

Question

Quizplus · Accepted Answer

The statement of changes in shareholder's equity is a required statement under IFRS, as stated in IAS 1 Presentation of Financial Statements. It shows the changes in shareholders' equity over a period of time, including the effects of profit or loss, changes in accounting policies, and other transactions with shareholders. It is not a required statement under private entity GAAP, although some private entities may choose to include it voluntarily.

The Statement of Changes in Shareholder's Equity