In the first year of incorporation (2013), Co A’s functional currency was the US dollars. Co A’s economic environment changed in 2014 and its new functional currency from 15 September 2014 is the Singapore dollar.

Required
1. Present the financial statements for the period from 1 January to 15 September 2014 in the new functional currency.
2. Restate the previous year’s (2013) comparatives in Singapore dollars.
3. Show the movement in the statement of changes in equity during 2013 and 2014.

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(US$) Sales.. Expenses. Net profit before tax. Co A Comparative Income Statement For the Years 2013 and 2014 15 September 2014 245,000 (189,000) 56,000 31 December 2013 420,000 (296,000) 124,000