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Accounting Examples

In: Business and Management

Submitted By Oblissick
Words 507
Pages 3
Under IFRS
Income Statement Account
Income Statement Account

Revenues
- Expenses
Net Income
Other Comprehensive Income (OCI) Account
Other Comprehensive Income (OCI) Account
+ Unrealized gains
- Unrealized losses etc.…
Other comprehensive income

**At every year-end, Other Comprehensive Income is transferred to Accumulated Other Comprehensive Income (AOCI)**
OCI xxx AOCI xxx

** AOCI is a cumulative end of the year balance **
2011 OCI transferred to AOCI
+2012 OCI Transferred to AOCI
+2013 OCI Transferred to AOCI
Balance end of 2013

1. Changes in revaluation surplus for PPE and equipment (land, machinery, building…)

a. You bought a land. Then any change in value during year or subsequently: Put in REVALUATION SURPLUS account until sold. Ex: increase in FV of 74,000
Land 74,000 Gain on Revaluation (OCI) 74,000

Then, at year-end, OCI is transferred in AOCI
OCI (OCI acct) 74,000 AOCI (B/S Shareholder’s equity acct) 74,000

b. When sold: any difference in CV and proceed (POD-CV) I/S (NI)
Cash (POD) 216,000 Land (CV) 215,000 Gain/Loss (I/S) 1,000 AND When sold: any balance in AOCI related to revaluation surplus RETAINED EARNINGS NOT income statement AOCI (B/S SE acct) 74,000 R/E (B/S SE acct) 74,000 So, REend = REbeg + NI – Dividend +/- Reclassification of Surplus 2. FV-NI investment c. Change in FV in the year (Unrealized gains and losses) I/S (NI) Ex: increase in FV of 1,000 FVNI investment (asset) 1,000 Unrealized gain on FVNI investment (I/S) 1,000 d. When sold: Record Gain/Loss I/S (NI) Cash 10,000 FVNI Investment (asset) 8,000 Gain on sale of FVNI investment (I/S) 2,000

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