The International Accounting Standards Board (IASB) is seeking comments on proposals that aim to improve the consistency of how items of other comprehensive income (OCI) are presented in financial statements.
The IASB proposals would require companies to present profit or loss and OCI 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 statement.
IASB chair David Tweedie said the IASB has recently published several proposals that broaden the use of OCI.
“It is therefore appropriate that this information is presented clearly and in a uniform manner,” he said.
The IASB proposals have been jointly developed with the US Financial Accounting Standards Board (FASB). If adopted, they will result in further convergence of IFRS and US GAAP.
Comments are due by 30 September.