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Article ID: 2787
Last updated: 30 May, 2023
To generate a Statement of Income and Retained Earnings (instead of a separate Profit and Loss Account (Income Statement) and Statement of Changes in Equity) within Accounts Production (on version 6.2) select Accounts Setup > Statement Preferences > Select radio button for Statement of Income and Retained Earnings. This statement is only applicable where the only changes to equity during the periods for which financial statements are presented arise from profit or loss, payment of dividends, corrections of prior period material errors, and changes in accounting policy. It is not possible to produce a Statement of Income and Retained Earnings where other comprehensive income exists. A small company is not required to produce either a Statement of Income and Retained Earnings, Statement of Changes in Equity or Statement of Comprehensive Income but is encouraged to do so.
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