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FASB Issues Exposure Draft on Presentation of Reclassified Amounts from AOCI

Posted 12:00 PM by

The Financial Accounting Standards Board (FASB) issued an exposure draft August 16, 2012, on a proposed accounting standard update related to the presentation of amounts that are reclassified out of accumulated other comprehensive income (AOCI). The full proposed ASU can be found on the FASB site and is open for public comment until October 15, 2012.

The proposed update would require enhanced disclosures to present separately by component reclassification out of AOCI and a tabular presentation related to amounts reclassified out of AOCI (for items note required under U.S. GAAP to be reclassified directly to net income in their entirety) all in one single disclosure. The updated presentation is designed to help provide a better reference to other disclosures that have additional information related to amounts reclassified out of AOCI. The proposed change is due to the FASB's cost/benefit analysis of its issuance of ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, which was designed to increase the prominence of other comprehensive income in the financial statements.

About the Author

Justin Hayes is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group as well as being a member of the Not-for-Profit and Governmental Services Groups. Justin works with clients to help them avoid risk and maximize efficiencies by keeping an eye on their bottom line and helping ensure accurate financial reporting. Connect with him on LinkedIn.

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