The Statement of Changes in Equity Is Required

The statement of changes in equity is required.

A) Because AASB 101 deals with income and does not define profit.
B) To show profit and loss for the period.
C) To summarise the large number of transactions that take place on the income statement.
D) To show each item of income and expense for the period that is recognised directly in equity as required by other AASB standards.
E) To provide a reconciliation of opening and closing equity, and also to provide details of the various equity accounts that are impacted by the period's total comprehensive income.