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Near Final Draft of amendments to IAS 1

  • IASB (International Accounting Standards Board) (blue) Image

07 Jun 2011

The IASB has released a Near Final Draft (NFD) of amendments to IAS 1 Presentation of Financial Statements to change how components of other comprehensive income (OCI) are presented.

The IASB has released a Near Final Draft (NFD) of amendments to IAS 1 Presentation of Financial Statements to change how components of other comprehensive income (OCI) are presented.

The amendments:

  • preserve the amendments made to IAS 1 in 2007 to require profit or loss and OCI to be presented together, i.e. either as a single statement of comprehensive income, or separate income statement and a statement of comprehensive income (rather than requiring a single continuous statement as was proposed in the exposure draft)
  • require entities to group items presented in OCI based on whether they are potentially reclassifiable to profit or loss subsequently. i.e. those that might be reclassified and those that will not be reclassified
  • do not change the option to present items of OCI either before tax or net of tax, however tax associated with items that are presented before tax must be shown separately for each of the two groups of OCI items.

The amendments are expected to be issued later this month and will apply to reporting periods beginning on or after 1 July 2012. Click for:

 

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