The current model of reporting other comprehensive income outside of earnings is controversial and receiving attention from standard setters.  The FASB/IASB Issues Conference this past December spent a significant amount of time on this issue.  Specifically, the primary issues are 1) presentation of OCI in the financial statements (which is the topic of the recently promulgated ASU 2011-05), 2) composition of OCI, and 3) reclassification of OCI into earnings (i.e., recycling).  A FASRI Roundtable discussion this Wednesday, February 1, will address some of these issues.  Specifically, Denise Jones and Kim Smith will discuss their recently published paper in The Accounting Review on OCI (Full Reference: Jones, D., and K. Smith, 2011. “Comparing the Value Relevance, Predictive Value, and Persistence of Other Comprehensive Income and Special Items,” The Accounting Review, Vol. 86, Issue 6 (November) pp. 2047-2073 http://aaajournals.org/toc/accr/86/6).  Reading the paper prior to the Roundtable is encouraged, but not required.  In addition, Bob Lipe has agreed to share the primary takeaways from small group discussions at the Issues Conference.  I hope to see you there.  

 The Roundtable is scheduled at 4pm eastern time on Wednesday, February 1. 

 To participate in the Roundtable, please follow these instructions.

 1)  Go to http://intercall.webex.com anytime after 3:00 pm (eastern time) on February 1. 

2)  Type in the following meeting number: 598 823 122 and click “Join Now”.

3)  On the next page, fill in your name, email address, and the password “Fasri001” (case sensitive).  Then click “Join”. 

4)  After joining the meeting, you will be prompted for your telephone number.  Insert your telephone number and click the “Call Me” button.  Your phone will ring, which you can use to hear and speak. 

5) If you experience trouble with the call-back feature, you can dial in yourself using the following numbers: 866-478-6348 or 224-554-0243.