Comprehensive income
Quarter close
The quarter close — Second quarter 2013: Publication and new video perspectives6/18/13 | Assurance services
This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q2 publication and view our new video perspectives.
Setting the standard
Setting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- March 20133/25/13 | Assurance services
Our Q1-2013 edition provides updates on the latest developments in revenue recognition, classification and measurement of financial instruments, impairment of financial assets, leases, insurance contracts, and more.
Dataline
Dataline: FASB issues guidance on the reporting of amounts reclassified from accumulated other comprehensive income (No. 2013-03)2/21/13 | Assurance services
The FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, on February 5, 2013. The standard is effective for public entities for annual periods, and interim periods within those periods, beginning after December 15, 2012. Non-public companies will adopt the standard one year later, but would be exempt from certain interim disclosure requirements.
In brief
In brief: FASB finalizes new requirements on items reclassified from accumulated other comprehensive income (Revised February 14, 2013*) (No. 2013-05)2/6/13 | Assurance services
On February 5, 2013, the FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The new requirements will take effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012 (the first quarter of 2013 for public, calendar-year companies). This In brief article provides an overview of the key provisions.
Setting the standard
Setting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- December 201212/19/12 | Assurance services
There is no shortage of activity to report this quarter as the boards forged ahead on their major convergence projects. The FASB and IASB made several key decisions as they move closer toward issuing exposure drafts and final standards. In the Q4-2012 edition of Setting the standard, we update you on the latest developments of the joint standard setting projects of the FASB and IASB, as well as the latest on FASB-only projects.
In brief
In brief: FASB amends new disclosures on items reclassified from accumulated other comprehensive income (No. 2012-53)11/19/12 | Assurance services
The FASB (the "board") met on November 14, 2012 to discuss the feedback received on the exposure draft on the new disclosures on items reclassified from accumulated other comprehensive income. The board decided to move towards a final standard after making decisions on presentation, interim disclosures, and the effective date. This In brief article provides an overview of those decisions and what's next.
PwC comment letter (FASB)
PwC Comments on Proposed ASU, Presentation of Items Reclassified Out of Accumulated Other Comprehensive Income10/16/12 | Assurance services
PwC supports the proposal to provide information about the impact of reclassifications from accumulated other comprehensive income to net income in a single footnote. Most of the information to be disclosed is already included elsewhere in the financial statements. Consolidating it and providing a roadmap to the related disclosures will provide users with improved information without the operational challenges and costs that would have resulted from requiring separate presentation on the face of the income statement of the effects of the reclassifications on individual line items, particularly when such information is not readily available.
Dataline
Dataline: Disclosure of items reclassified from accumulated other comprehensive income -- FASB proposes new disclosures (No. 2012-13)9/20/12 | Assurance services
In August 2012, the FASB issued an exposure draft of a proposal requiring new footnote disclosures for reclassifications from accumulated other comprehensive income to net income. Among other things, an entity would be required to disclose, using a tabular format, the amount reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. An entity would not need to show the income statement line item affected for certain components such as net periodic pension cost. This Dataline looks at the key provisions of the proposal and offers our observations.
Point of view
Point of view: Other comprehensive income -- A consistent approach would improve information for investors8/23/12 | Assurance services
The FASB and IASB have a number of projects underway that could further expand or otherwise change what is reported within net income, and outside of net income within other comprehensive income. Existing accounting standards do not provide clear principles for when items should be excluded from net income and recognized in other comprehensive income. In this Point of view, we observe that we have heard many diverse views from investors, preparers, standard setters, and auditors on this topic. We believe that more consistency regarding the attributes of items initially excluded from net income would be beneficial for investors...
In brief
In brief: FASB proposes new disclosures on items reclassified from accumulated other comprehensive income (No. 2012-36)8/17/12 | Assurance services
On August 16, 2012, the FASB issued an exposure draft requiring new footnote disclosures for reclassifications from accumulated other comprehensive income to net income. The FASB believes its proposed footnote disclosures balance preparer concerns for a practical approach with financial statement users need for greater transparency about the impact of reclassification adjustments on net income. Comments on the exposure draft are due October 15, 2012. This In brief article provides an overview of the exposure draft.
In brief
In brief: FASB to issue a revised proposal on reclassifications from other comprehensive income (No. 2012-16)6/22/12 | Assurance services
This week the FASB decided to issue an exposure draft requiring new footnote disclosures for reclassifications from accumulated other comprehensive income to net income. In its 2011 standard on the presentation of comprehensive income, the FASB required r
Practical tip
Practical tip: Disclosing total comprehensive income in condensed consolidating financial information and parent company-only financial information (Revised May 3, 2012*) (No. 2012-01)4/4/12 | Assurance services
Upon adoption of the FASB's new comprehensive income presentation requirements (ASUs 2011-05 and 2011-12), an entity should report a total for comprehensive income in condensed consolidating financial information and parent company-only financial information in a single continuous statement or in two separate, but consecutive, statements. This Practical tip further explains this guidance and includes examples to help you apply it in practice.
Dataline
Dataline: Presentation of comprehensive income -- Applying the FASB's final standard on presenting comprehensive income after deferral of the reclassifications requirement (No. 2012-01)1/19/12 | Assurance services
The FASB issued a final standard in June 2011 requiring entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. In response to concerns from some preparers, the FASB issued an amendment in December 2011 to indefinitely defer one of the requirements contained in its June 2011 final standard. That requirement called for reclassification adjustments from accumulated other comprehensive income to be measured and presented by income statement line item in net income and also in other comprehensive income. In Dataline 2011-24 we discussed the final standard as originally issued. Now that the FASB has...
PwC comment letter (FASB)
PwC Comments on Proposed ASU: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-0511/21/11 | Assurance services
PwC supports the FASB's decision to indefinitely defer the requirement in ASU 2011-05 to measure and present reclassifications from accumulated other comprehensive income to net income by income statement line item in net income and also in other comprehensive income.
Dataline
Dataline: Presentation of comprehensive income -- The FASB issues final standard on presenting other comprehensive income (Superseded by Dataline 2012-01 on 01/19/2012) (No. 2011-24)6/28/11 | Assurance services
The FASB has issued a final standard (ASU 2011-05) requiring entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. This Dataline takes a look at the new guidance.
Dataline
Dataline: Statement of comprehensive income -- The FASB is expected to allow one continuous statement, or separate consecutive statements of net income and other comprehensive income (No. 2011-08)2/15/11 | Assurance services
The FASB and IASB issued proposals in May 2010 to require companies to issue a single continuous statement of comprehensive income. Together the FASB and IASB received over 200 comment letters on the proposed new primary financial statement. Based on their re-deliberations, the Boards are expected to amend their proposals. Both Boards are expected to issue final standards incorporating the tentative conclusions by the end of the first quarter of 2011. This Dataline reflects the decisions that we anticipate will be formalized in a soon to be issued FASB Accounting Standards Update.
PwC comment letter (FASB)
PwC Comments on Proposed ASU: Statement of Comprehensive Income9/27/10 | Assurance services
PwC recommends that the FASB and IASB develop a set of consistent principles to govern the use of other comprehensive income. PwC encourages the Boards to add to their post-2011 agendas a project to address the reporting of financial performance, the purpose and use of other comprehensive income, and the extent to which recycling is appropriate. Many companies and financial statement users continue to believe that a measure of net income is important. PwC, therefore, supports the requirement to present this sub-total within a single statement of comprehensive income and the Firm believes strongly that this line item should be retained as the Boards develop their thinking on the presentation of financial statements.
Dataline
Dataline: Financial Statement Presentation -- A Look at the FASB and IASB's Staff Draft (Revised February 3, 2011*) (No. 2010-35)8/26/10 | Assurance services
In July 2010, the FASB and IASB issued a 'Staff Draft' of the Exposure Draft on Financial Statement Presentation to facilitate additional outreach efforts. The staff draft contains significant changes from the discussion paper issued in 2008 and incorporates much of the feedback from comment letters and field tests. This Dataline discusses the key tentative decisions reached by the boards and reflected in the staff draft, together with information the firm has obtained through its observations of board meetings and project updates published by the boards.
Dataline
Dataline: Statement of Comprehensive Income--The FASB has proposed to require a new primary financial statement (No. 2010-26)6/11/10 | Assurance services
A second proposal recently released by the FASB would require a new primary financial statement, referred to as the statement of comprehensive income, that would replace the income statement. The new statement would contain subtotals for net income and other comprehensive income within a single continuous statement. The components of net income and other comprehensive income would not change as part of the proposal, and earnings-per-share would continue to be based on net income. The IASB has issued a similar proposal that calls for a statement of profit or loss and other comprehensive income. Although the components of other comprehensive income and the treatment of those components (i.e., recycling) vary between U.S. GAAP and IFRS,...