Caroline, Inc.hired a new controller in late 2011.The controller has not prepared financial statements using IFRS before and needs your assistance.In compiling a complete set of financial statements under IFRS, in what order should the following items be reported in the equity section on the statement of financial position at December 31, 2011? If an item is not reported in the equity section, omit it from your answer.
I.Share premium
II.Retained earnings
III.Investments
IV.Non-controlling interest
V.Accumulated comprehensive income
VI.Share capital

Question

Quizplus · Accepted Answer

Under IFRS, the equity section typically includes share capital, share premium, retained earnings, accumulated comprehensive income, and non-controlling interest, in that order. Investments are not part of the equity section.