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Journal entry — FASB adds OCI project to its technical plan

Published on: Oct 14, 2011

Earlier this week, the FASB announced the addition of a new project to its agenda, “Presentation of Comprehensive Income: Reclassifications of OCI.”

Last June, the FASB issued ASU 2011-05,1 which revises the manner in which entities present comprehensive income in their financial statements.2 Certain of the ASU’s provisions require entities to display adjustments for items that are reclassified from other comprehensive income (OCI) to net income in both net income and OCI. However, constituents expressed concerns about implementing these provisions, and thus the FASB added the project to its agenda.

The Board is expected to discuss whether to defer the contested provisions at a future meeting. Such deferral would give it more time to review and address constituents’ concerns.

For additional information on the new project, see the FASB’s press release.

 


[1] FASB Accounting Standards Update No. 2011-05, Presentation of Comprehensive Income.

[2] See Deloitte’s June 17, 2011, Heads Up for more information about ASU 2011-05.

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