Reporting Comprehensive Income

Date recorded:

(Performance Reporting)

The Board discussed on the following items:

  • (a) financial and financing (only industries)
  • (b) tax
  • (c) earnings and eps
  • (d) function vs nature
  • (e) descriptors
  • (f) presentation on the face of the statement
(a) The Board agreed to maintain the definition of financial income and financing activities and to leave the 2 subtitles in the comprehensive income.

The Board agreed to remove the requirement for a business profit subtotal of 300 (vote 12-1) and allow a choice of the following two presentations (vote 10-3):

Operating profit

340

Other business profit

100

Or

Operating profit

340

Business profit before financial income

440

(b) The Board re-affirmed (vote 12-0) that the tax expenses should not be allocated and should be presented one line item

(c) The Board re-affirmed that no single figure for measuring performance or comprehensive income (a so-called 'magic number') would be defined. The Board agreed (vote 9-4) that if a number is disclosed, it would have to be reconciled with the appropriate amount on the performance statement. It was determined that only items of the financial statements could be used to calculate the numerator.

(d) The Board agreed that the choice of presenting by nature or function should be permitted and that a mix presentation should not be prohibited.

(e) The column "profit before remeasurements" will be changed to "other than remeasurements".

(f) The Board agreed (vote 7-6) that the comparative columns on the face of the income statement would be the total column only. However, comparative figures are required for all three columns in the footnotes as follows:

TotalYear N-1

TotalYear N

Other than RemeasurementsYear N

RemeasurementsYear N

xxx

xxx

xxx

xxx

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