Statement of comprehensive income and statement of changes in equity – equity instruments measured at fair value through other comprehensive income according to IFRS 9
On Jan 01, 01, entity E acquires shares for CU 10 and elects irrevocably to present changes in their fair value in other comprehensive income (IFRS 9.5.7.1b and 9.5.7.5). On Dec 31, 01, fair value of these shares is CU 18. On May 01, 02, E sells the shares for CU 18. On derecognition, E transfers the amount recognized in other comprehensive income and accumulated in the fair value reserve to retained earnings (IFRS 9.B5.7.1).
Required
(a) Prepare any necessary entries in E”s financial statements as at Dec 31 for the years 01 and 02.
(b) Illustrate the effects of the entries on E”s single statements of comprehensive income for the years 01 and 02.
(c) Illustrate the effects of the entries on E”s statement of changes in equity as at Dec 31, 02.
In 01 and 02, the carrying amount of E”s issued capital is CU 100 and the carrying amount of E”s capital reserve is CU 20.
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