Definition of Statement Of Retained Earnings
Statement of retained earnings is a summary of how retained earnings were formed at the reporting date. It is not a compulsory component of the statement of retained earnings because the statement of changes in equity is prepared in which the retained earnings component is disclosed.
The notes to the financial statement might include the breakup of retained earnings. The retained earnings are a portion of profits that are not distributed to shareholders and are retained for the growth of the business. The management might need and prepare a statement of retained earnings for management purposes.
The basic format of the retained earnings statement is:
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