Under IFRS, "equity" is defined under the Framework for Preparation and Presentation of Financial Statements. Under ASPE, a definition of equity is provided in the CICA Handbook, Part II, Section 1000.
Instructions
Answer the following questions that relate to these sections and what is reported as equity.
(a) Define and discuss the term "equity."
(b) In reporting equity, various subcategories are required. Outline these equity components under ASPE and IFRS and explain why there are differences.
(c) How does ASPE report changes in these components? How does IFRS report these changes? Why are these presentations different?
(d) What transactions or events change owners' equity under IFRS? Under ASPE?
(e) What are some examples of changes within owners' equity that do not change the total amount of owners' equity under IFRS? Under ASPE?