Under IAS 1/AASB 101, the statement of changes in equity is:
A) an additional financial report that each entity is required to supply to its external users.
B) only required to show changes in retained earnings, not changes in share capital.
C) not required to separately disclose transfers to reserves from retained profits as they do not change total equity.
D) only required to reconcile the opening and closing balance of total equity, not the individual equity components.

Question

Quizplus · Accepted Answer

The statement of changes in equity is a required financial report under IAS 1/AASB 101, which entities must provide to their external users. It details the movements in equity during the reporting period, including changes in share capital, retained earnings, and other reserves.

Under IAS 1/AASB 101, the Statement of Changes in Equity