Exposure Draft on Presentation of Items of Other Comprehensive Income: proposed amendments to IAS 1

The International Accounting Standards Board (IASB) has issued Exposure Draft on proposed amendments to IAS 1 Presentation of Financial Statements to improve the presentation of items of other comprehensive income (OCI). 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 that entities present profit or loss and other comprehensive income in separate sections of a continuous statement.
 
Invitation to comments

ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at http://www.iasb.org/NR/rdonlyres/A366AC39-6AE3-4516-A81D-ACFB4A9E5D42/0/EDIAS19DefinedBenefit.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than August 16, 2010. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.