Key topics: Financial statement preparation, year-end adjustments,

Concepts covered: EPS, Investments through PL and OCI, revaluation of PPE, rights issue.

Description: Gibraltar Co’s case addresses correcting incorrectly recognized revenues and cost of sales, as well as accounting for investment through PL and OCI. Based on the right issue, it asks to update statement of changes in equity as well as it’s impact on earnings per share (EPS).