As a new staff accountant joining McEquity Corporation, an Irish company using IFRS, you ...

As a new staff accountant joining McEquity Corporation, an Irish company using IFRS, you have been asked by the senior accountant of financial reporting to assemble the statement of changes in equity for 2012 that will be used in the annual report. After getting various amounts and figures from the prior year financial statements, general ledger and subsidiary ledger, you are able to ascertain the following: Ending balances as of December 31, 2011, were as follows: Share capital $ 25,000,000 Retained earnings 10,000,000 Translation of foreign operations (2,000,000) Available-for-sale financial assets (5,000,000) Revaluation surplus 4,000,000 Treasury stock (1,000,000) Minority interests 1,000,000 Total equity $ 32,000,000 The summarized transactions for 2012 are as follows: Sold capital shares $2,000,000 Net income $6,000,000 Minority interest portion $500,000 Net foreign currency translation losses, net of taxes $(1,000,000) Decrease in value of available-for-sale financial assets, net of taxes $(1,000,000) Net decrease in revaluation surplus, net of taxes $(1,000,000) Purchase of treasury shares $500,000 Dividends $1,000,000 Based on the above information, prepare a statement of changes in equity for 2012. Additionally, describe what presentation differences there might be in the statement of stockholders’ equity if McEquity Corporation reported using US GAAP.