IAS 1 - Amendments - Presentation of Items of Other Comprehensive Income

Project history

In June 2011, the IASB issued Amendments to IAS 1 Presentation of Items of Other Comprehensive Income (the Amendments), which became effective from 1 July 2012.

The Amendments required separate presentation of items of other comprehensive income that are reclassified subsequently to profit or loss (recyclable) and those that are not reclassified to profit or loss (non-recyclable). If items of other comprehensive income are presented before tax, then income tax is allocated to each respective group. The Amendments did not change the existing option to present an entity's performance in two statements; and did not address the content of performance statements (i.e., what is recognised in profit or loss and what is recognised in other comprehensive income) or recycling issues (i.e., what can be reclassified (recycled) subsequently to profit or loss and what cannot).

Following the comments on the Exposure Draft, the IASB had decided to retain the option of presenting all non-owner's changes in equity in two statements.

In July 2011, EFRAG issued an Invitation to Comment on its draft endorsement advice and a draft Effect Study Report in respect of the Amendments. Based on the comments received, EFRAG agreed to issue to the European Commission both the positive endorsement advice and the Effect Study Report.

The Amendments to IAS 1 were officially published in the Official Journal on 6 June 2012.