The Property, Plant and Equipment note, and other notes
A note reconciles an opening balance to a closing balance, showing every movement in between. The PPE note is the one asked for most often, but the same reconciliation logic applies to any note. PPE note, per asset class Opening carrying amount + additions − depreciation ± revaluation − disposals (at carrying amount) = Closing carrying amount Every movement during the year must be accounted for — nothing is allowed to simply appear or disappear between opening and closing. Contributed equity note Opening balance + shares issued (net of issue costs) − share repurchases (at original issue price) = Closing balance Tracked in both number of shares AND dollars — a schedule checks both. Distributions note Final dividend (last year, paid this year) + Interim dividend (this year) = Total distributions, PLUS a separate disclosure of any dividend declared after balance date The "declared after reporting date" line is disclosed, never included in the total — it was not an obligation at balance date. Real paper — 2022 Reconciling the buildings note after a revaluation Buildings opening carrying amount $440 000. Depreciation for the year is $2 000. A revaluation gain of $27 000 is recognised. Start from the opening carrying amount: $440 000. Subtract depreciation for the year: $440 000 − $2 000 = $438 000. Add the revaluation gain: $438 000 + $27 000 = $465 000. ✓ Closing carrying amount = $465 000 — depreciation and the revaluation both apply to the SAME opening figure, in sequence. ✕
A note must reconcile completely, not just report the closing figure
A schedule awards separate marks for the opening figure, EACH individual movement (additions, depreciation, revaluation, disposals), and the closing total. Reporting only a correct closing carrying amount with no reconciling movements shown loses most of the marks available for that note, even if the final number is right.