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First of all thank you very much for your excellent teaching.
Sir i have 3 questions:
1) In practice in which order We prepare components of FSs
i guess first SPL and OCI,then SFP ,then SOCE and in the last cash flow statement,correct me if am mistaken.
2) Do the revaluation surlpus shown in OCI is same as shown in the SOCE
3) What abt proposed dividend,do we record proposed dividend…Mr.Moffat says dividend is only recorded when paid while Mr.Chris mentions that we record proposed dividend.
Thanking you in advance.
2. Correct (but on the SOCE it is shown as the increase to any existing balance on the revaluation account).
3. Dividends are only shown as a liability once they have been approved by shareholders. If they are only proposed then they will only appear in the notes to the accounts.