The FASB and IASB (the "Boards") 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. They have tentatively decided to require 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 would be eliminated.
Both Boards are expected to issue final standards incorporating the tentative conclusions by the end of the first quarter of 2011. The new requirements would generally be effective in fiscal years beginning after the end of calendar-2011. Early adoption would be permitted. This Dataline reflects the decisions that we anticipate will be formalized in a soon to be issued FASB Accounting Standards Update.