Disclosing the split between Prior Year Adjustments on the Statement of Changes in Equity - with QuickVid

In line with IAS 1, you are required to disclose prior year adjustments as a result of errors separately from those where there has been a change in accounting policy (applicable to FRS101/102 and IFRS entities).

Follow these steps to disclose this split on the Statement of Changes in Equity (SOCIE):

1. With Working Papers open, navigate to the Accounts tab and open Assign Mappings:

2. Expand the H03.49.00 codes and check the relevant adjustment map codes for the split in figures (applying appropriate journals, if required):

3. Open the Accounts and jump to the Statement of Changes in Equity (SOCIE):

Please see our Client Services YouTube Channel for more QuickVids.