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ch15.doc-CHAPTER 15 STOCKHOLDERS’ EQUITY IFRS ques...
ch15.doc-CHAPTER 15 STOCKHOLDERS’ EQUITY IFRS questions
ch15.doc-CHAPTER 15 STOCKHOLDERS’ E...
ch15.doc-CHAPTER 15 STOCKHOLDERS’ EQUITY IFRS questions
Page 51
Stockholders’ Equity
Surplus. Revaluation surplus arises under iGAAP because companies are permitted to
revalue their property, plant and equipment to fair value under certain circumstances. This
account is part of general reserves under iGAAP and is not considered contributed capital.
While both iGAAP and U.S. GAAP consider the statement of stockholders’ equity a primary
financial statement, under iGAAP, a company has the option of preparing a statement of
stockholders’ equity similar to U.S. GAAP or preparing a statement of recognized income and
expense (SoRIE). The statement of SoRIE reports the items that were charged directly to
equity such as revaluation surplus and then adds the net income for the period to arrive at
total recognized income and expense. In this situation, additional note disclosure is required
to provide reconciliations of other equity items.
2.
Briefly discuss the implications of the financial statement presentation project for the reporting
of stockholders’ equity.
2.
It is likely that the statement of stockholders’ equity and its presentation will be examined
closely in the financial statement presentation project. The statement of recognized income
and expense now permitted under iGAAP will probably be eliminated. In addition the options
of how to present other comprehensive income under U.S. GAAP will change in any
converged standard in this area. Also, the FASB has been working on a standard that will
likely converge to iGAAP in the area of hybrid financial instruments.
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