FAQ: IAS1 Changes in SME and IFRS Printing Other Comprehensive income even if zero.

Transcription

1 FAQ: IAS1 Changes in SME and IFRS Printing Other Comprehensive income even if zero. Product version: SME IFRS Problem If there is no Other comprehensive income a zero line printed on the face of the Statement of Comprehensive income. The number of requests we received to turn off the zero line on the face of the Statement of Comprehensive Income coupled with the IAS 1 requirement to separate the profit or loss from the other comprehensive income on the Statement of changes in Equity resulted in this disclosure and feature change. It is now possible to select whether to print or not to print the zero line item for Other comprehensive income in the Statement of Comprehensive Income and Statement of Changes in Equity. Please note the following; The option Print other comprehensive income on the IS even if zero (Required per IAS1) is technically correct as per the IAS1. The option Do not print other comprehensive income if zero is a user requirement. Solution We have provided options for both disclosures, which are driven by the Statement of Comprehensive Income HTML that can be found by going to Document Settings and Format Statement of Comprehensive Income in the Financial Statements. Options summary Option 1: Option 2: Print other comprehensive income on the Statement of Comprehensive Income (Income Statement) even if zero. This is required as per IAS1. [Default] Don t print other comprehensive income on the Statement of Comprehensive Income (Income Statement) if zero. Page 1 of 9

2 When Option 2 has been selected, it is possible to select which wording should display on the Statement of Comprehensive income and on the Statement of Changes in Equity; Option 2.1: - Profit (loss) [Default] Option 2.2: - Total Comprehensive Income (Loss) Option 2.3: - Other These options and their impact on the Statement of Comprehensive Income and Statement of Changes in Equity are illustrated below: Page 2 of 9

3 Option 1 HTML Functionality: 1. Go to Document Settings and format Statement of Comprehensive Income (Income Statement) 2. Print other comprehensive income on IS even if zero (Required by IAS1) is selected. Statement of Comprehensive Income: On the Statement of Comprehensive Income, the line Other Comprehensive Income shows as a zero line and the statement ends with Total comprehensive income for the year. Page 3 of 9

4 Statement of Changes in Equity: The Other comprehensive income line item will print irrespective if there is a value. Option 2 HTML Functionality: 1. If the zero line item on the Statement of Comprehensive Income for Other comprehensive income should not print, the following radio button should be selected: a. Do not print other comprehensive income if zero. 2. The section Use wording for Other comprehensive income will become available for selection and will no longer be greyed out. You can choose to show: 1. Profit (loss) [Option 2.1] 2. Total comprehensive income (loss) [Option 2.2] 3. Other [Option 2.3] a. Change [Option 2.3] Page 4 of 9

5 Option 2.1 Description: 1. Select will be set to Profit (loss) by default as it is the next most logical option. 2. With this description, Profit (loss) will turn on in the Statement of Comprehensive Income (Income Statement). (Automation is done between Profit and (Loss) depending on which column has the profit or loss and automation will also be done for Year/Period depending on whether the period is 12 months or not, as per the Information Store). 3. The Statement of Comprehensive Income will end as follows: 4. When Profit (loss) is selected, the following wording will appear in the face of the Statement of Changes in Equity; Page 5 of 9

6 Option 2.2 Description: When Total comprehensive income (loss) is selected, the wording of the Net profit (loss) line item will change to Total comprehensive income (loss) for the year. Statement of Comprehensive income Page 6 of 9

7 Statement of Changes in Equity: Option 2.3 Description: If Other is selected, the HTML Change option will no longer be greyed out and a user can now type in the required description on the face of the Statement of comprehensive Income. The same description will also automatically pull through to the Statement of Changes in Equity. Page 7 of 9

8 Statement of Comprehensive income: Statement of Changes in Equity: Page 8 of 9

9 Note If anything is mapped to any of the Other Comprehensive Income mapping numbers (for current or prior year), the Other Comprehensive Income radio button section will be greyed out completely and none of the options explained above will become available. Page 9 of 9