The Financial Accounting Standards Board
(FASB) has proposed to defer parts of other comprehensive income
(OCI) standards.
FASB has proposed an accountancy standard
update (ASU) that would indefinitely defer the provision in ASU
2011-05 related to presentation of reclassification
adjustments.
ASU 2011-05 revised the manner in which
entities present comprehensive income in their financial
statements. Among other provisions, ASU 2011-05 requires entities
to present reclassification adjustments out of accumulated other
comprehensive income by component in both the statement in which
net income is presented and the statement in which OCI is presented
for both interim and annual financial statements. If the proposed
ASU becomes final, only this provision under ASU 2011-05 would be
deferred.
The proposed ASU would affect all public and
non-public entities that report items of OCI in any period
presented. The FASB is expected to finalise the proposed ASU by the
end of this year.
Comments on the proposed ASU are due by 23
November 2011.
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