MASB 1 - Presentation of Financial Statements

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MASB Approved Accounting Standards for Private Entities

XYZ GROUP - STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 20-02

Share Capital

Share Premium

Revaluation Reserve

Translation Reserve

Accumulated Profit

Total

RM 000

RM 000

RM 000

RM 000

RM 000

RM 000

Balance at 31 December 20-00

6,350

1,170

1,162

(200)

1,934

10,416

Changes in accounting policy

(6)

(6)

____

____

____

____

____

____

Restated balance

6,350

1,170

1,162

(200)

1,928

10,410

Surplus on revaluation of properties

330

330

Deficit on revaluation of investments

(15)

(15)

Currency translation differences

(50)

(50)

____

____

____

____

____

____

Net gains and losses not recognised in the income statements

315

(50)

265

Net profit for the period

856

856

Proposed dividends (10% less income tax)

(486)

(486)

Issue of share capital

400

120

520

____

____

____

____

____

____

Balance at 31 December 20-0

6,750

1,290

1,477

(250)

2,298

11,565

Deficit on revaluation of properties

(90)

(90)

Surplus on revaluation of investments

20

20

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MASB 1 - Presentation of Financial Statements

http://www.masb.org.my/index.php?option=com_content&view=articl...

Currency translation differences

(40)

(40)

____

____

____

____

____

____

Net gains and losses not recognised in the income statement

(70)

(40)

(110)

Net profit for the period

1,130

1,130

Proposed dividends (10%less income tax)

(522)

(522)

Issue of share capital

500

973

1,473

____

____

____

____

____

____

Balance at 31 December 20-02

7,250 ______

2,263 ______

1,407 ______

(290) ______

2,906 ______

13,536 ______

An atternative method of presenting changes in equity is illustrated on the following page.

XYZ GROUP - STATEMENT OF RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 20-02

20-02 20-01 RM 000 RM 000 --------------------- ---------------------

Surplus/(deficit) on revaluation of properties

(90)

330

Surplus/(deficit) on revaluation of investments

20

(15)

--------------------- --------------------(70) 315

Exchange differences on translation of the financial statements of foreign entities

(40)

(50)

--------------------- --------------------Net gains (losses) not recognised in the income statement (110) 265

Net profit for the period

1,130

856

Total recognised gains and losses

--------------------- --------------------1,020 1,121 ======= =======

Effect of changes in accounting policy

(6) =======

The above example illustrated an approach which presents those changes in equity that represent gains and losses in a separate component of the financial statements. Under this approach, a reconciliation of opening and closing balances of share capital, reserves and accumulated profit, as illustrated on the previous page, is given in the notes to the financial statements.

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MASB 1 - Presentation of Financial Statements

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