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Help choosing a tag for Cumulative effect of the change in accounting principle on the equity statement

Comments

5 comments

  • Tim Schmitt
    We used the tag that you mention above.  I think instant type is correct since the cumulative effect is booked at a point in time.  We showed our statement of equity as follows:

    Balance, Jan. 1
    + Cumulative Effect...
    = Adjusted Balance, Jan. 1
    Regular activity


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  • John Muehe
    Hello Tamara, 

    In the cases I can think where there would be an impact on the Statement of Equity it would be a change in the beginning balance. As Tim suggested, it would be appropriate to have that an instant concept. If your situation is different, then a consultation may be needed to get a better idea of what the specific scenario entails.
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  • Tamara Hergert
    Thanks, guys! This is really helpful!
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  • Zach Raab
    So would this be a special date 1/1/XXXX tag?

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  • John Muehe
    Rather than using the start date of 1/1/XXXX, you should be using the prior period end date 12/31/XXXW.
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