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Financial statement presentation — Other comprehensive income

Background

This project involves a proposal for a possible limited scope amendment to IAS 1 Presentation of Financial Statements that would require all entities to present a single statement of comprehensive income, so removing the 'two statement approach' (separate statements of income and comprehensive income) currently permitted by IAS 1.

This project arose out of the comprehensive project on financial statement presentation.

 

Current status of the project

This project has been completed, but the option of using two statements has ultimately been retained. The IASB issued Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) on 16 June 2011.

 

Project milestones

DateDevelopmentComments
October 2009 Added to the IASB's active agenda
27 May 2010 Exposure Draft ED/2010/5 Presentation of Items of Other Comprehensive Income Comment deadline 30 September 2010
6 June 2011 Staff draft of amendments to IAS 1 published
16 June 2011 Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) published Applicable to annual periods beginning on or after 1 July 2012

Related Discussions

  • Financial statement presentation – Other comprehensive income

  • Nov 17, 2010

  • The IASB and FASB continued their discussions on the presentation of comprehensive income project, considering a detailed analysis of respondent feedback, and voting unanimously to permit the staff to begin the drafting and balloting process for the final standard.

  • Other comprehensive income — Comment letter analysis

  • Oct 22, 2010

  • The Boards considered the summary of comment letters from the ED 'Presentation of Items of Other Comprehensive Income'. Almost all the discussion focussed on the requirement to present a single performance statement with two sections.

  • Other comprehensive income — Comment letter analysis

  • Oct 19, 2010

  • The staff presented the IASB with a summary of the comment letters in response to Exposure Draft 'Presentation of Items of Other Comprehensive Income' which closed on 30 September 2010. The Board received 139 comment letters from various constituents across all geographic regions.

  • Financial Statements Presentation (including OCI)

  • Aug 26, 2010

  • The European standard-setters are not in favour of the financial statement presentation proposals in relation to other comprehensive income, with concern expressed they could create confusion in the marketplace.

  • Financial Statement Presentation

  • Oct 20, 2009

  • The Board discussed (1) the proposal to present a single statement of comprehensive income, (2) proposing to retain the existing requirements on intraperiod tax allocation in the statement of comprehensive income and (3) the level of disaggregation in the financial statements.