Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 21/06/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Presentation of other comprehensive income (2011/19) 

This issue of In the Headlines focuses on the IASB’s amendments to IAS 1 relating to the presentation of items of other comprehensive income issued in 16 June 2011. The changes will result in entities making a distinction between items of other comprehensive income that will remain in equity, and those that will recycle through profit or loss in the future.
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The publication provides an example of the required presentation. The amendments will be effective for years beginning on or after 1 July 2012.

 

Highlights

  • Preserves the option to present profit or loss and other comprehensive income in two statements
  • Items of other comprehensive income that may be reclassified to profit or loss in the future are presented separately from items that would never be reclassified
  • Title of statement of comprehensive income renamed to statement of profit or loss and other comprehensive income.
IFRS Briefing Sheets - International financial reporting updates