At today’s board meeting, the FASB tentatively decided to change the effective date of its forthcoming Accounting Standards Update (ASU), Statement of Comprehensive Income, for nonpublic entities. Specifically, the Board provided nonpublic entities with a one-year deferral, requiring the provisions of the ASU to be applied for annual periods ending after December 15, 2012. The Board originally determined that the new ASU would be effective for all entities for fiscal years and interim periods within those years beginning after December 15, 2011. Accordingly, public entities would continue to be subject to the ASU’s original proposed effective date.

The FASB’s forthcoming ASU will amend the presentation requirements for other comprehensive income (OCI). The ASU will replace the presentation options for OCI currently in ASC 220¹ with the choice to present either (1) a single, continuous statement of comprehensive income or (2) two separate but consecutive statements.

The FASB staff indicated that the final ASU is scheduled to be issued before the end of the second quarter this year.

[1] FASB Accounting Standards Codification Topic 220, Comprehensive Income.