A listing of possible things to be included in the changes in equity statement was prepared by a trainee in the financial controller's division of Financial Excellence Ltd.The listing contained the following:
I $\quad$total comprehensive profit for the period
II $\quad$total amounts comprehensive profit allocated to non-controlling interest and owners of the parent
III $\quad$for each component of equity, retrospective effect of changes in accounting policy
IV $\quad$for each component of equity, retrospective correction of errors
V $\quad$for each component of equity, a reconciliation between the amounts at the beginning and the end of the reporting period
VI$\quad$ the reconciliation required by V includes changes due to period profit or loss
VII $\quad$the reconciliation required by V includes changes due to each items of other comprehensive profit
VIII$\quad$ the reconciliation required by V includes changes with owners in their capacity as owners
-The items for which disclosure must be made for each component of equity are:

Question

Quizplus · Accepted Answer

The best answer is B as it includes all the items listed in the trainee's preparation, which are relevant and required to be disclosed in the changes in equity statement. The disclosure for each component of equity requires the retrospective effect of changes in accounting policy and correction of errors, reconciliation between the amounts, and changes with owners in their capacity as owners, which cover the items III to VIII. Therefore, option B is the correct choice.

A Listing of Possible Things to Be Included in the Changes