Dual Reporting for Equity and Other Comprehensive Income under IFRS and U.S. GAAP

PREFACE

Dual Reporting for Equity and Other Comprehensive Income under IFRS and U.S. GAAP, examines and compares the reporting of stockholders' equity as required by U.S. GAAP, SEC rules and regulations, and International Financial Reporting Standards. Under all of those standards, most business enterprises and, in certain situations, not-for-profit organizations must provide certain information regarding equity items on the face of the statement of financial position, on the face of other specific statements, and/or in the notes to the financial statements.

Equity reporting explains the accumulated balances and the changes during the period in contributed capital, retained earnings, other comprehensive income, and their components. Subtopic 505-10 (APB Opinion No. 12, Omnibus Opinion – 1967), permits several alternatives for reporting changes in equity. Subtopic 220-10 (FASB Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income), allows alternative statements for reporting comprehensive income, recently amended by ASU 2011-05. SEC Regulation S-X requires a multi-step equity section of the balance sheet but allows an analysis of the changes in each caption of stockholders' equity in the form of a schedule or a note. International Accounting Standard No. 1, Presentation of Financial Statements, used to adopt two alternative forms of equity reporting as part of the basic financial statements but finally moved to a single format of the Statement of Changes ...