This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Performance Reporting

Date recorded:

The Board discussed the columnar distinction (income flows vs. valuation adjustments) that is fundamental to the IASB/ASB proposed statement of comprehensive income. One Board member noted his strong objection to the proposed model, as he viewed it as institutionalising pro forma reporting. The Board directed the staff to prepare a paper based on that Board member's proposed alternative to be discussed at a future meeting.

The Board discussed the current staff proposal and answered the following presentation issues:

Description

Income Flows

Valuation Adjustments

Prior service costs related to a plan amendment

X

Pension-related interest costs

X

Actuarial Gain/Loss on a Defined Benefit Plan

X

Settlements and Curtailments

X

Tax effects for a share based payment

X

Interest on a financial liability

X

Fair value change in a financial liability

X

Provisions - Initial recognition

X

Provisions - Revisions to initial recognition

X

Recognition of a loan loss provision

X

Depreciation on tangible fixed assets

X

Impairment of tangible fixed assets

X

Gain or loss on disposal of a tangible fixed asset

X

Interest from an investment property

X

Revaluation of an investment property

X

Impairment of Goodwill

X

Impairment of Inventory - normal shrinkage

X

Impairment of Inventory-(exceptional-pure imp.)

X

Growth of agricultural assets

X

Value changes of agricultural assets

X

Interest income on investments in debt instruments

X

Value change on investments in debt instruments

X

Dividend income on investments in equity instruments

X

Value change on investments in equity instruments

X

Foreign currency translation gain or loss

X

Some Board members expressed concern with the current labels on the columns and were clear to state that the current labels are a work-in-process and may be revised in the future. One suggestion was to have column 1 be initial measurement and column 2 to be remeasurement.

The Board also discussed where an item should be presented when it is not clear which column it should go into. The staff noted that it is discussing a predominance test (what is the item predominately made of — value change or initial measurement). The ASB staff noted that when in doubt, the staff believes the item should be recorded in column 1.

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.