Video help

Sorting dataSorting data

 

In this video:

  • Sorting report sections
  • Sorting Directors' report
  • Sorting Balance sheet
  • Sorting notes
  • Sorting table rows

 

Jump to a specific point in the video with the chapters button in the video.

 

 

 

 

Edit statement name

This statement can be named one of the following options. This is applied to the title of the statement and when referred to throughout the report, for example in the notes the financial statements. 

 

  • Statement of changes in equity
  • Statement of changes in net assets attributable to unitholders
  • Customised

 

The Customised option allows the statement name to be customised. When this option is selected, the desired statement name can be entered.

 

Note: Renaming the 'Statement of changes in equity' is not in compliance with the Accounting Standards but is it common practice for certain entity types such as managed investment schemes.

 

To change the statement name:

  • Click Reports > Options > Report sections
  • Click the edit icon next to the section
  • Select the name via Statement name

 

Alternatively:

  • Click Sections > Changes in equity
  • Click the Settings button
  • Select the name via Statement name - equity

 

In addition, if the basis of preparation is LLP, then report option Members' interests in SOCIE can be turned on in Reports > Options > Setup or by clicking the Settings button, the statement is named 'Statement of changes in members' interests'.

 

 

To add a prefix to all statement names:

  • Click Reports > Options > Report sections
  • Click the edit icon next to the section
  • Type the prefix in Statement names - Statement name prefix

 

Alternatively:

  • Click Sections > Changes in equity
  • Click the Settings button
  • Type the prefix in Statement name prefix

 

  • The statement name will then be [Prefix] [Statement name]
  • However, refer to Headers for a technical reason as to why this is not recommended

 

 

Turn section on or off

To turn the section on or off:

  • Click Reports > Options > Report sections
  • Set Print section to Yes or No

 

 

Settings

To view or edit the settings for the statement:

  • Click Sections > Changes in equity
  • Click the Settings button

 

 

Setting up - headers and columns

The 'Statement of changes in equity' can be set to one of the following options.

  • 'By Class'
  • 'By Total' (current period and prior period)

 

To change the format of the statement:

  • Click Reports > Options > Report sections
  • Set Statement of changes in equity to Yes - By class or Yes - By total

 

Alternatively:

  • Click Sections > Changes in equity
  • Click the Settings button
  • Set Statement format - equity to Yes - By class or Yes - By total

 

By Total

Technically, 'By Total' should only be used when there is only one type of equity and no differentiation between the components of equity (for example units where net assets are shared equally).

 

By Class

The 'Statement of changes in equity' requires some manual set-up as follows:

  • The headers are manually set-up and should match the equity section on the face of the Statement of financial position
  • The Accounting Standards state 'for each component of equity' which means by 'statement of financial position equity class', so there should be just one column for 'Reserves' rather than each individual reserve
  • Movements in individual reserves are shown in the reserves note
  • If there are non-controlling interests, there is no need for a total of the equity attributable to the owners of the parent as this requirement for the statement of financial position is not replicated for the statement of changes in equity
  • Refer to our many examples under the Examples menu

 

Exclude Non-controlling interest

If the final column is not required for non-controlling interests:

  • Click Reports > Options > Setup
  • Set Links - Exclude NCI from SOCIE links to On
  • The links will move right by one column
  • The table headers will also need editing

 

Alternatively:

  • Click Sections > Changes in equity
  • Click the Settings button
  • Set Links - Exclude NCI from SOCIE links to On

 

 

Adding a note reference or editing locked cells (By Class)

  • It is not possible to add a note reference column and some cells are locked to comply with the Accounting Standards
  • To insert a note reference, or if the cell text is not editable, do not use the locked cell rows, instead use a spare row and type a custom description which includes the note reference

 

 

Mandatory rows

Certain rows will print even if all values in that row are zero. In accordance with the Accounting Standards, they are mandatory for the primary statements.

 

The following rows cannot be turned off:

  • Opening balance

  • Profit after income tax expense

  • Other comprehensive income

  • Total comprehensive income

  • Closing balance

 

 

Statement footer

To turn the statement footer on or off:

  • Click Sections > Changes in equity
  • Click the Settings button
  • Set Statement footer to On or Off

 

To change the case of the statement name in the footer:

  • Click Reports > Options > Setup
  • Set Statement names lowercase in paragraphs to On or Off

 

To change the footer wording:

  • Click Sections > Changes in equity
  • Click the Settings button
  • Set Statement footer to Customised
  • Enter the desired statement footer wording

 

 

Restatement of comparatives

There can be a restatement of comparatives through either a correction of error, change in accounting policy or a reclassification.

 

When you need to restate comparatives, there are two approaches:

  • Modified retrospective approach: Adjustments to the numbers are applied to the current period only, with any impact on the opening balances of equity disclosed in the statement of changes in equity (and optionally, as it is not a note that is required to be on, the retained earnings note). You put all retained earnings adjustments to EQERE (either via the Trial Balance or Adjustments) for the current period and then enter the details of the adjustments in the manual rows (which are between opening balance and restated opening balance) for the current period of the statement of changes in equity (and, optionally, the retained earnings note).
  • Full retrospective approach: Adjustments to the numbers are applied to the comparatives and flow through to the opening balances of the current period (either via the Trial Balance or Adjustments). The details of the adjustments are disclosed in the restatement of comparative note and there is not necessarily a need for a third statement of financial position (a third column is increasingly becoming the exception rather than the norm).