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The International Accounting Standards Board (IASB) has published for public comment proposals to improve the consistency of how items of Other Comprehensive Income (OCI) are presented.

The IASB is proposing to require that entities present profit or loss and other comprehensive income in separate sections of a continuous statement. The IASB is also proposing to group items in OCI on the basis of whether they will eventually be ‘recycled’ into the profit or loss section of the income statement.

The proposals have been jointly developed with the US Financial Accounting Standards Board (FASB), which is also seeking public comment on changes to the presentation of OCI as part of their financial instruments proposals.

"We have recently published several proposals that broaden the use of Other Comprehensive Income. It is therefore appropriate that this information is presented clearly and in a uniform manner. If adopted, these proposals will result in further convergence of IFRSs and US GAAP in an increasingly important part of the financial statements," states Sir David Tweedie, vhairman of the IASB.

The exposure draft Presentation of items of Other Comprehensive Income (Proposed amendments to IAS 1) is open for comment until 30 September 2010.

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