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On December 31st,2011,JKL Inc.had the following account balances:
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JKL Inc.was incorporated in province allowing the existence of Treasury shares.
The company had no Accumulated Other Comprehensive Income (AOCI)balances on that date.
During 2012,the following took place:
JKL Inc.had a total Comprehensive Income of $150,000.
During 2012,JKL Inc.bought 2,000 shares of MNO Inc.for $45 per share.On December 31st,2012,these shares were trading at $60 per share.These shares,which were all on hand at the end of 2012,were designated by management as FVTOCI.These shares were the only items affecting Accumulated Other Comprehensive Income (AOCI).
Half of the treasury shares held by management at the start of 2012 were sold during the year for $15,000.
JKL declared at total of $30,000 in dividends,which included a common stock dividend valued at $10,000.
Required:
A)Prepare a Statement of Changes in Equity for JKL Inc.as per IFRS as at December 31st,2012.
B)Briefly explain how JKL Inc's reporting requirements would differ if it complied with ASPE instead of IFRS.
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