STATEMENT OF COMPREHENSIVE INCOME

Sales/Revenue xx
Cost of Sales/Services (xx)
Expenses (xx) - presentation (functional or natural)
Net Income (Loss) xx
OCI
Reclassified
Gain(Loss) xx
Not reclassified
Gain(Loss) xx
Comprehensive Income xx

OCI that will be reclassified subsequently to profit or loss when specific conditions are met.

a) Gain or loss from translating financial statements of a foreign operation.

b) Unrealized gain or loss on derivative contracts designated as cash flow hedge.

OCI that will not be reclassified subsequently to profit or loss.

a) Unrealized gain or loss on investments in equity instruments measured at fair value

through OCI.
The Application Guidance of PFRS 9, paragraph b5.7.1, provides that such
unrealized gain or loss is reclassified to retained earnings upon disposal of the investment.
b) Revaluation surplus during the year.
The realization of the revaluation surplus is through retained earnings.
c) Remeasurements of defined benefit plan, including actuarial gain or loss.
The remeasurements are not reclassified subsequently but are permanently
excluded from profit or loss. However, the remeasurments may be transferred within equity
or retained earnings.
d) Change in fair value attributable to credit risk of a financial liability designated at fair value
through profit or loss.
Such gain or loss from change in fair value attributable to credit risk of a financial
liability may be transferred within equity or retained earnings.

CHANGES IN EQUITY

Retained Earnings, beginning xx

Prior period error (+-) xx
Effect of change in accounting policy(+-) xx
Adjusted Beginning Balance xx
Net Income (Loss) xx
Dividend declared/paid (xx)
Appropriation of retained earnings (xx)
Retained Earnings, ending xx
 Retained Earnings

Dividends declared/paid xx Beg. Balance xx

Appropriation of RE xx Prior period error(debit if loss) xx
Ending Balance xx Effect of change in acctg policy (debit if loss) xx
Net Income (debit if loss) xx

Total xx Total xx

Other account that may affect Retained earnings

1. Reclassifications of OCI that will not be subsequently reclassified to profit or loss to retained
earnings

NCA HELD FOR SALE

Journal entry
Classification to NCA held for sale NCA Held for Sale xx
Accumulated Dep'n xx
NCA Xx
Measurement:
Lower of
a. Carrying Amount
b. Fair value less cost to sell/disposal
If CA < FV less cost of disposal No entry for gain

If FV less cost of disposal < CA Impairment loss xx

NCA held for sale xx
CA
-FV less cost of disposal
=Impairment loss
Subsequent measurement:
a. Any decrease- additional impairment Impairment loss xx
loss NCA held for sale Xx
b. Any increase- recognized gain up to loss NCA held for sale xx
previously recognized Gain on reversal of
impairment Xx
Sale of NCA held for sale Cash xx
Loss on sale xx
NCA held for sale Xx
or
Cash xx
Gain on sale Xx
NCA held for sale Xx

If revaluation method is use:

At the date of classification, revalue the NCA NCA xx
Revaluation
surplus xx
Classification NCA Held for Sale xx
 Accumulated Dep'n xx
NCA xx

Cost of sell/disposal Impairment loss Xx

NCA held for sale xx
Sale of NCA held for sale -same with the first table
All revaluation surplus should be transfer to RE

*Abandoned and temporarily abandoned are not classified as NCA held for sale

Change in classification
Measurement: Measurement (whichever is lower) xx
Lower of CA per book xx
a. CA as of date as if not classified as
NCA held for sale Gain (Loss) on reclassification xx
b. Recoverable amount (FV less cost of
disposal) If results to gain, recognized up to the extent of
impairment loss previously recognized

DISCONTINUED OPERATION

In income statement
- Single amount of income or loss from discontinued operation, net of tax

Net Income
Revenue/Sale xx
Expenses (xx)
Termination cost (xx)
Impairment loss (xx)
Net Income (Loss) xx
Income tax (xx)
Net income, net of tax xx

ACCOUNTING CHANGES

Accounting Change Effect

Change in acctg policy Restrospective or retroactive
Ex: - Restate RE, beg.
a. Change in inventory valuation (FIFO to
weighted average or vice versa)

Change in acctg estimate Currently and prospectively

Ex: - Effects are on income statement
a. Change of depreciation method accounts
Prior period error Retrospective

An entity changes an accounting policy when

a. It is required by PFRS; or
b. Change would result in providing reliable and more relevant information about financial
position, performance and cash flows

When it is difficult to distinguish a change in accounting policy from a change in accounting

estimate, the change is treated as change in accounting estimate with appropriate disclosure

INTERIM FINANCIAL REPORTING

Mix of integral and independent view