New Proposed ASU on Reclassifications of AOCI

On August 16, the Board issued a proposed ASU, which addresses the manner in which companies are to present the effects of reclassifications out of accumulated OCI.  This proposed update was necessitated last December when the Board issued ASU 2011-12, which deferred the effective date for the reclassification adjustments requirement in ASU 2011-05.  (For a [...] Read more > >

FASRI Roundtable: Other Comprehensive Income

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 [...] Read more > >

Comment Letters to FASB on Proposal to Defer Effective Date of OCI Reclassification Presentation

ASU 2011-05, which was issued in June, required that firms report comprehensive income within a performance statement and prominently display on the face of the income statement the affected line items from recycling.  It was this latter requirement that caused heartburn for some preparers, and as Bob Lipe blogged here, the FASB exposed a proposal [...] Read more > >