Saturday, October 15, 2011

FASB To Meet This Week on Deferring Certain Aspects of ASU 2011-05: Comprehensive Income

The FASB board is set to meet Friday, October 21, to discuss “whether to defer the effective date of the presentation requirements for classification adjustments in Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” The information about the board meeting – set to take place on Friday, following a series of FASB-IASB joint board meetings taking place on Wednesday and Thursday – appears in FASB’s calendar.

The addition of this matter to the board’s agenda was announced on Thursday by FASB chairman Leslie Seidman.

The particular aspect of ASU 2011-05 which the board will consider delaying is the requirement for separate presentation of items reclassified from other comprehensive income [OCI] to net income. Additional information on this matter can be found in KPMG’s Defining Issues.

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