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«Exposure Draft ED/2010/5 Presentation of Items of Other Comprehensive Income Proposed amendments to IAS 1 Comments to be received by 30 September ...»

-- [ Page 1 ] --

May 2010

Exposure Draft ED/2010/5

Presentation of Items of

Other Comprehensive Income

Proposed amendments to IAS 1

Comments to be received by 30 September 2010

Exposure Draft

Presentation of Items of Other

Comprehensive Income

(proposed amendments to IAS 1)

Comments to be received by 30 September 2010

ED/2010/5

This exposure draft Presentation of Items of Other Comprehensive Income is published by

the International Accounting Standards Board (IASB) for comment only.

The proposals may be modified in the light of the comments received before being issued as an International Financial Reporting Standard (IFRS).

Comments on the draft IFRS and its accompanying documents should be submitted in writing so as to be received by 30 September 2010. Respondents are asked to send their comments electronically to the IASB website (www.iasb.org), using the ‘Open to Comment’ page.

All responses will be put on the public record unless the respondent requests confidentiality. However, such requests will not normally be granted unless supported by good reason, such as commercial confidence.

The IASB, the International Accounting Standards Committee Foundation (IASCF), the authors and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise.

Copyright © 2010 IASCF® ISBN: 978-1-907026-71-3 All rights reserved. Copies of the draft IFRS and the accompanying documents may be made for the purpose of preparing comments to be submitted to the IASB, provided such copies are for personal or intra-organisational use only and are not sold or disseminated and provided each copy acknowledges the IASCF’s copyright and sets out the IASB’s address in full. Otherwise, no part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the IASCF.

The IASB logo/the IASCF logo/‘Hexagon Device’, the IASC Foundation Education logo, ‘IASC Foundation’, ‘eIFRS’, ‘IAS’, ‘IASB’, ‘IASC’, ‘IASCF’, ‘IASs’, ‘IFRIC’, ‘IFRS’, ‘IFRSs’, ‘International Accounting Standards’, ‘International Financial Reporting Standards’ and ‘SIC’ are Trade Marks of the IASCF.

Additional copies of this publication may be obtained from:

IASC Foundation Publications Department, 1st Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom.

Tel: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749 Email: publications@iasb.org Web: www.iasb.org

PRESENTATION OF ITEMS OF OTHER COMPREHENSIVE INCOME

CONTENTS

INTRODUCTION

INVITATION TO COMMENT

PRESENTATION OF ITEMS OF

OTHER COMPREHENSIVE INCOME

(PROPOSED AMENDMENTS TO IAS 1) AMENDMENTS TO IAS 1 APPENDIX Amendments to other IFRSs Proposed amendments to guidance on implementing IAS 1

APPROVAL OF PRESENTATION OF ITEMS OF OTHER COMPREHENSIVE INCOME

BY THE BOARD

BASIS FOR CONCLUSIONS

–  –  –

Introduction The International Accounting Standards Board has published this exposure draft of proposed amendments to IAS 1 Presentation of Financial Statements to improve the presentation of items of other comprehensive income (OCI). The Board has developed the proposals having considered responses to its discussion paper Preliminary Views on Financial Statement Presentation, published in October 2008.

The Board’s objective is to make targeted improvements to the presentation of profit or loss and of other items of comprehensive income by the end of 2010.

The IASB and the US Financial Accounting Standards Board (FASB) are working jointly on the proposed amendments. However, the boards will publish their proposed amendments separately. With these proposals the FASB will be eliminating options for the presentation of OCI that the IASB eliminated in 2007.

The IASB also proposes to change the title of the statement of comprehensive income to the ‘statement of profit or loss and other comprehensive income’ when it refers to it in IFRSs and other publications. IAS 1 already permits entities to use other titles and that flexibility will remain.

Presentation of other comprehensive income At present entities have an option in IAS 1 to present either a statement of comprehensive income or two separate statements of profit or loss and other comprehensive income. This exposure draft proposes to require a statement of profit or loss and other comprehensive income containing two distinct sections— profit or loss and items of other comprehensive income.

The exposure draft also proposes a new presentation approach for items of OCI.

With recent decisions in other projects, more items will be presented in OCI.

IFRS 9 and the proposed amendments to IAS 19 have introduced new items that will be presented in OCI. The remaining phases of the financial instruments project may also add items that will be presented in OCI.





The Board is proposing to require that items that will never be recognised in profit or loss should be presented separately from those that are subject to subsequent reclassification (recycling).

These proposals are designed to make it easier for users of an entity’s financial statements to understand all non-owner changes in equity. They are also intended to help users to assess the relevance of individual income and expense items presented in OCI and to assess the potential effects that some OCI items may have on profit or loss.

–  –  –

The Board has no plans to eliminate profit or loss as a measure of performance.

Profit or loss will still be presented clearly and will remain the required starting point for the calculation of earnings per share.

Next steps The Board will consider the comments it receives on the proposals and decide whether or how to proceed with an amendment to IAS 1.

–  –  –

Invitation to comment The Board invites comments on the proposals in this exposure draft, particularly

on the questions set out below. Comments are most helpful if they:

(a) comment on the questions as stated;

(b) indicate the specific paragraph or group of paragraphs to which they relate;

(c) contain a clear rationale; and (d) include any alternative the Board should consider, if applicable.

Respondents need not comment on all of the questions and are encouraged to comment on any additional issues that, in their view, warrant comment.

In this exposure draft, the Board is not requesting comments on matters in IAS 1 not addressed in the exposure draft.

Comments should be submitted in writing so as to be received no later than 30 September 2010.

–  –  –

Statement of profit or loss and other comprehensive income Question 1 The Board proposes to change the title of the statement of 10, BC21 comprehensive income to ‘Statement of profit or loss and other comprehensive income’ when referred to in IFRSs and its other publications. Do you agree? Why or why not? What alternative do you propose?

–  –  –

(iii) maintaining a clear distinction between profit or loss and items of other comprehensive income.

(iv) improving clarity of items presented in OCI by requiring them to be classified into items that might be reclassified subsequently to profit or loss and items that will not be reclassified subsequently to profit or loss.

(b) the costs of the proposals should be minimal because in applying the existing version of IAS 1, entities must have all the information required to apply the proposed amendments.

Do you agree with the Board’s assessment? Why or why not?

Other comments Question 6 Do you have any other comments on the proposals?

–  –  –

Notes contain information in addition to that presented in the statement of financial position, statement of profit or loss and other comprehensive income, … Paragraph 12 is deleted. Paragraph 10, the headings above paragraphs 81 and 82 and paragraphs 81, 82 and 83 are amended (new text is underlined and deleted text is struck through). Paragraphs 82A and 82B are added and paragraph 84 is deleted.

Complete set of financial statements 10 A complete set of financial statements comprises:

...

–  –  –

...

An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘statement of comprehensive income’ instead of ‘statement of profit or loss and other comprehensive income’.

12 [Deleted] As permitted by paragraph 81, an entity may present the components of profit or loss either as part of a single statement of comprehensive income or in a separate income statement. When an income statement is presented it is part of a complete set of financial statements and shall be displayed immediately before the statement of comprehensive income.

Statement of profit or loss and other comprehensive income 81 An entity shall present all items of income and expense recognised in a

period:

(a) in a single statement of comprehensive income, or

–  –  –

(b) in two statements: a statement displaying components of profit or loss (separate income statement) and a second statement beginning with profit or loss and displaying components of other comprehensive income (statement of comprehensive income).

81 A statement of profit or loss and other comprehensive income shall be

presented in two sections:

–  –  –

Information to be presented in the statement of profit or loss and other comprehensive income 82 As a minimum, the profit or loss section of the statement of profit or loss and other comprehensive income shall include line items that present the

following amounts for the period:

–  –  –

(g) each component of other comprehensive income classified by nature (excluding amounts in (h));

(h) share of the other comprehensive income of associates and joint ventures accounted for using the equity method; and (i) total comprehensive income.

82A As a minimum, the other comprehensive income section shall include

line items that present the following amounts for the period:

(a) items of other comprehensive income grouped into those that, in

accordance with other IFRSs:

–  –  –

(b) share of the other comprehensive income of associates and joint ventures accounted for using the equity method; and (c) total other comprehensive income.

82B The statement shall also display the total of profit or loss and other comprehensive income.

83 An entity shall disclose the following items in the statement of profit or

loss and other comprehensive income as allocations for the period:

(a) profit or loss for the period attributable to:

–  –  –

[Deleted] An entity may present in a separate income statement (see 84 paragraph 81) the line items in paragraph 82(a)–(f) and the disclosures in paragraph 83(a).

In paragraphs 85–87, 100 and 115 the references to ‘the separate income statement (if presented)’ are deleted and ‘statement of comprehensive income’ is replaced with ‘statement of profit or loss and other comprehensive income’.

–  –  –

(b) before related tax effects with one amount shown for the aggregate amount of income tax relating to those components.

If an entity elects alternative (b) above, then it must allocate the tax between the items that might be reclassified subsequently to the profit or loss section and those that will not be reclassified subsequently to the profit or loss section.

139G Presentation of Items of Other Comprehensive Income (amendments to IAS 1), issued in [date], amended the terminology used throughout IFRSs.

In addition it amended paragraphs 10, 82, 83 and 91, added paragraphs 81A, 82A and 82B, and deleted paragraphs 12, 81 and 84. An entity shall apply those [draft] amendments for annual periods beginning on or after [date to be inserted after exposure]. Earlier application is permitted.

–  –  –

Appendix Amendments to other IFRSs The amendments described in this [draft] appendix shall be applied when an entity applies the [draft] Amendments to IAS 1 Presentation of Financial Statements.

In International Financial Reporting Standards (including International Accounting Standards and Interpretations) applicable at [date] references to ‘statement of comprehensive income’ are replaced with ‘statement of profit or loss and other comprehensive income’.

The reference to ‘two statements’ in each of the following standards is deleted:

IAS 12 Income Taxes IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 32 Financial Instruments: Presentation IAS 33 Earnings per Share IAS 34 Interim Financial Reporting IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 7 Financial Instruments: Disclosures

–  –  –

Proposed amendments to guidance on implementing IAS 1 Paragraphs IG1 and IG5 are amended (new text is underlined and deleted text is struck through).



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