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FT Guide to Using and Interpreting Company Accounts, 4th Edition by Wendy Mckenzie

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4

The statements of recognised income and expense, comprehensive income and changes in equity

Introduction

The presentation of these financial statements is changing as part of the convergence process. Companies using the international rules in their financial years starting before January 2009 had two choices, either they could present:

  • a statement of changes in equity (most overseas companies do this);

or

  • a statement of recognised income and expense, often known by its acronym a SORIE, disclosing the information shown in a statement of changes in equity in the notes to its accounts. (Most UK companies do this, as it is similar to the UK’s rules.)

For financial years starting after January 2009 companies have two choices, they can ...

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