The Financial Accounting Standards Board
(FASB) has deferred some aspects of the Comprehensive Income
Accounting (CIA) standards.

The FASB said the amendment defers the
specific requirement to present items that are reclassified from
accumulated other comprehensive income to net income separately
with their respective components of net income and other
comprehensive income.

In 2011, the FASB issued accounting standards
update no. 2011-05, Comprehensive Income (Topic 220):
Presentation of Comprehensive Income
, which intended
to increase the prominence of other comprehensive income in
financial statements and help financial statement users better
understand the cause of a company’s change in financial position
and results of operations.

However, the board has decided to reconsider
the requirements as a result of stakeholders’ concern that
reclassification of items would be costly for preparers and add
unnecessary complexity to financial statements.

The Board did not defer the requirement to
report comprehensive income either in a single continuous statement
or in two separate but consecutive financial statements.

Update 2011-05 is effective for public
entities for fiscal years beginning after 15 December 2011.

For non-public companies and not-for-profit
organisations, the amendments in this update are effective for
fiscal years ending after 15 December 15 2012 and interim and
annual periods thereafter.