The International Accounting Standards Board has rolled out proposals to
improve the consistency of how Other Comprehensive Income is presented.
The body is proposing that companies present profit or loss and other
comprehensive income in separate sections of a continuous statement.
The IASB is also proposing to group items in OCI on the basis of whether they
will eventually be ‘recycled’ into the profit or loss section of the income
The proposals have been jointly developed with the US Financial Accounting
Standards Board, which is also seeking public comment on changes to the
presentation of OCI as part of their financial instruments proposals.
Commenting on the proposals, Sir David Tweedie, chairman of the IASB said:
“We have recently published several proposals that broaden the use of Other
Comprehensive Income. It is therefore appropriate that this information is
presented clearly and in a uniform manner.
If adopted, these proposals will result in further convergence of IFRSs and
US GAAP in an increasingly important part of the financial statements.”
An IASB ‘Snapshot’, a high level summary of the proposals and a Frequently
Asked Questions document detailing the proposals, are available to download free
of charge from the project
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