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Presentation of Comprehensive Income

Date recorded:

The Boards discussed the title of the statement of comprehensive income. After a very brief discussion the IASB with a large majority of votes supported the alternative to call the statement of comprehensive income 'Statement of Profit or Loss and Other Comprehensive Income'. The IASB members suggested that this change would better reflect the nature of the statement and would help to gain the Board a more positive reaction to its proposal. Nonetheless, usage of the new title will not be prescribed.

The FASB disagreed and decided to retain the original title. The FASB members noted that the current title is understood and the change could be seen as trying to hide the true nature of the change.

Finally, the Boards agreed to go with two different names, one in the US GAAP literature and one in the IFRSs literature with the reference to the other as an alternative name (similar to the reference to 'Profit or Loss' under IFRSs and 'Net income' under US GAAP).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.