Financial Statement Presentation - Phase B

Date recorded:

The Board discussed a sweep issue identified in the pre-ballot draft of the forthcoming discussion paper.

A paragraph in the scope section clarifies that presentation and reclassification (recycling) of OCI items is outside the scope of the project. Another paragraph in the pre-ballot draft states that 'the Boards expressed a preference for eliminating the recognition and presentation of other comprehensive income items outside net income and profit or loss and therefore also eliminating the need to subsequently recycle those items into net income and profit or loss' and that '(i)n the future, the Boards plan to undertake projects to eliminate the separate presentation of other comprehensive income items and related reclassification adjustments by revising individual standards'.

One Board member had questioned whether there is such a preference for eliminating OCI and noted that the Boards currently have no future plans regarding OCI.

The Board acknowledged that the current Board cannot bind future Boards regarding which projects are to be undertaken. Finally, the Board decided to keep the paragraph in the scope section but to be less specific regarding elimination of OCI. It was agreed to describe the discussion on OCI during the deliberations and to be silent on future plans.

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.