DFS comprehensive income

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  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    excellent thanks
  • nabutt
    nabutt Registered Posts: 86 Regular contributor ⭐
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    ya jewels i just mailed u
  • katie2620
    katie2620 Registered Posts: 5 New contributor 🐸
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    could you please send it to me
    catherine.wi@easy.com
  • noodles
    noodles Registered Posts: 308 Dedicated contributor 🦉
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    please email to me too as I am so confused and after my awful BTC exam today I need help!

    thank you
  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    Thanks so much for that... as last it makes sense!

    Think it's ridiculous that it's been so hard to find an example of something we could be examined on!!!
  • tammygaines
    tammygaines Registered Posts: 4 New contributor 🐸
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    jewels.p wrote: »
    I have just found a document in My AAT called

    "The Presentation of Financial Statements an illustrative Guide"

    This tells us about the Statement of Comprehensive Income. It is just a bit that is added on to the bottom of the Income Statement and all you do is include the Revaluation Amount to your total.

    Hope this puts all our minds at rest!

    Hi

    Could you please tell me where you found this, I am very panicked as I haven't seen this or heard anything about it.

    Thank you
  • val0123
    val0123 Registered Posts: 42 Regular contributor ⭐
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    So if you are adding the revaluation reserve to the total of the income statement & this figure is carried over to retained earnings, does this mean that the revaluation reserve is now included under retained earnings in the equity section of the statement of financial position, rather than being separated like it used to be ?
  • tammygaines
    tammygaines Registered Posts: 4 New contributor 🐸
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    nabutt wrote: »
    Jewels I got a question for practice this comprehensive n SOFP and Statement of changes in equity do u want it i can email it to u

    Please could you send me a copy too.
    tammygaines@googlemail.com

    Thank you
  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    val0123 wrote: »
    So if you are adding the revaluation reserve to the total of the income statement & this figure is carried over to retained earnings, does this mean that the revaluation reserve is now included under retained earnings in the equity section of the statement of financial position, rather than being separated like it used to be ?

    You'd add the revaluation reserve into the non-current assets PPE line and also a seperate line in the equity section above retained earnings.

    EQUITY
    Share Capital
    Share Premium
    Revaluation Reserve
    Retained Earnings
  • emmap2
    emmap2 Registered Posts: 16 New contributor 🐸
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    Sorry but I am a bit confused. Just to clarify, on the Statement of comprehensive income, (at the bottom of the income statement) you add the revaluation figure, to the retained earnings, plus profit for the year less dividends?

    On the equity section of the statement of financial position you put retained equity and revaluation separately?
  • val0123
    val0123 Registered Posts: 42 Regular contributor ⭐
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    Esme wrote: »
    You'd add the revaluation reserve into the non-current assets PPE line and also a seperate line in the equity section above retained earnings.

    EQUITY
    Share Capital
    Share Premium
    Revaluation Reserve
    Retained Earnings

    Doesn't that mean though that we would be duplicating the revaluation figure because it would already have been carried over as profit for the year due to the other comprehensive income section and so included in retained earnings already ? Sooo confused !!!
  • Andypandy
    Andypandy Registered Posts: 526 Epic contributor 🐘
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    Hi Val0123,
    Try to think of the statement of changes in equity as your 'workings out' for your retained earnings figure for the statement of financial position, after the income statement. We start with our opening balance - last years retained earnings, reval' account, share premium etc. We add to retained earnings this years profit & deduct dividends paid. We add or deduct from the revaluations account as necessary. We need the final retained earnings figure to put in the statement of financial position.
  • SugarPuff
    SugarPuff Registered Posts: 12 New contributor 🐸
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    The extra few lines seem to be confusing and stressing so many people.

    I really cant get my head around it.

    Im looking at the proforma for statemnet of comprehensive income and it prob sounds silly but how do you know what the figure for ''tax in respect of items in other comprehensive income'' is?

    It would really help if there were some example questions / answers.

    1.5 das to go and i feel a million miles away from being prepared!
  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    Don't worry about the tax bit, just the first two lines
  • noodles
    noodles Registered Posts: 308 Dedicated contributor 🦉
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    sugapuff, will you please send me over the proforma as I have nothing to work from and really worried now - thank you
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    tammygaines wrote: »
    Please could you send me a copy too.
    tammygaines@googlemail.com

    Thank you

    emailed it this morning for you
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    nscuffell wrote: »
    please email to me too as I am so confused and after my awful BTC exam today I need help!

    thank you

    emailed it to you this morning
  • azoe810
    azoe810 Registered Posts: 9 New contributor 🐸
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    jewels.p wrote: »
    I pm'd my email address to you did you get it?
    Please could you email me it azoe810@hotmail.co.uk
    Thanks
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    azoe810 wrote: »
    Please could you email me it azoe810@hotmail.co.uk
    Thanks

    emailed

    tracy
  • emmap2
    emmap2 Registered Posts: 16 New contributor 🐸
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    Please could you email it to me, I am lost!!!
    dan.parfitt@talktalk.net
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    emmap2 wrote: »
    Please could you email it to me, I am lost!!!
    dan.parfitt@talktalk.net

    done

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