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1. As a new staff accountant joining McEquity Corporation, an Irish company using IFRS, you have been asked by the senior accountant of financial reporting to assemble the statement of changes in equity for 2012that will be used in the annual report.
After getting various amounts and figures from the prior year financial statements, general ledger and subsidiary ledger, you are able to ascertain the following:
Ending balances as of December 31, 2011, were as follows:
Share capital
$ 25,000,000
Retained earnings
10,000,000
Translation of foreign operations
(2,000,000)
Available-for-sale financial assets
(5,000,000)
Revaluation surplus
4,000,000
Treasury stock
(1,000,000)
Minority interests
1,000,000
Total equity
$ 32,000,000
The summarized transactions for 2012 are as follows:
Sold capital shares
$2,000,000
Net income
$6,000,000
Minority interest portion
$500,000
Net foreign currency translation losses, net of taxes
$(1,000,000)
Decrease in value of available-for-sale financial assets, net of taxes
Net decrease in revaluation surplus, net of taxes
Purchase of treasury shares
Dividends
$1,000,000
Based on the above information, prepare a statement of changes in equity for 2012. Additionally, describe what presentation differences there might be in the statement of stockholders' equity if McEquityCorporation reported using US GAAP.
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