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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Comments are due by 30 September.