Exposure Draft on statement of comprehensive income
May 27, 2010
The IASB has published for public comment an exposure draft (ED) proposing to require that all entities present profit or loss and other comprehensive income (OCI) in separate sections of a single continuous statement.
- Items of OCI should be grouped on the basis of whether they will eventually be 'recycled' (reclassified) into the profit or loss section of the statement of comprehensive income.
- Income tax on items presented in OCI would be allocated between items that might be subsequently 'recycled' and those that will not be 'recycled', if the items in OCI are presented before tax (which is an option).
- The title of the statement of comprehensive income would be changed to 'Statement of profit or loss and other comprehensive income' when referred to in IFRSs, though entities could use another title (such as 'statement of comprehensive income').