IASB Publishes Proposal on Presentation of Other Comprehensive Income
May 27, 2010
FEI Summary

On May 27, 2010 the International Accounting Standards Board published a proposal to improve the consistency of how items of Other Comprehensive Income (OCI) are presented.

IASB is proposing to require that entities present profit or loss and other comprehensive income in separate sections of a continuous statement. IASB is also proposing to group items in OCI on the basis of whether they will eventually be “recycled” into the profit or loss section of the income statement. The proposal has been jointly developed with the U.S. Financial Accounting Standards Board, which is also seeking public comment on changes to the presentation of OCI as part of its financial instruments proposals.

Link to the exposure draft at the IASB Web site can be found here.

The exposure draft, Presentation of Items of Other Comprehensive Income - Proposed Amendments to IAS 1, is open for comment until Sept. 30.

Prepared May 27, 2010 by Lorraine Malonza, senior manager, Technical Accounting, Financial Executives International. This summary does not represent FEI opinion unless specifically noted above.