AASB 101 requires that a reconciliation between the carrying amount of each class of contributed equity capital and each reserve at the beginning and end of each period be disclosed in:
A) the statement of changes in equity only.
B) the notes only.
C) either the statement of changes in equity or the notes.
D) Statement of profit or loss and other comprehensive income.

Question

Quizplus · Accepted Answer

AASB 101 allows the reconciliation between the carrying amount of each class of contributed equity capital and each reserve to be disclosed either in the statement of changes in equity or in the notes to the financial statements. Therefore, option C is the correct choice as it includes both possible methods of disclosure. The reconciliation is not required to be disclosed in the statement of profit or loss and other comprehensive income, so option D is incorrect.

AASB 101 Requires That a Reconciliation Between the Carrying Amount