EFRAG published an Invitation to Comment relating to the endorsement for use in the EU of the Amendments to IAS 1 'Presentation of Items of Other Comprehensive Income' (the Amendments). Comments are requested by 23 September 2011.
In June 2011, the IASB issued Amendments to IAS 1 'Presentation of Items of Other Comprehensive Income' (the Amendments). The Amendments require separate presentation of items of other comprehensive income that are reclassified subsequently to profit or loss (recyclable) and those that are not reclassified to profit or loss (non-recyclable). If items of other comprehensive income are presented before tax, then income tax is allocated to the respective group. The Amendments do not change the existing option to present an entity’s performance in two statements, and do not address the content of performance statements (i.e. what is recognised in profit or loss and what is recognised in other comprehensive income) or recycling issues (i.e. what can be reclassified (recycled) subsequently to profit or loss and what cannot).
EFRAG's Invitation to Comment relating to the endorsement of the Amendments for use in the European Union and European Economic Area is consulting both on its assessment of the Amendments against the technical criteria for the endorsement in the EU, and on its initial assessment of the costs and benefits that would arise from the implementation and application of the Amendments in the EU.
Press release
© EFRAG - European Financial Reporting Advisory Group
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