Project Update

Statement of Comprehensive Income—Joint Project of the IASB and FASB

Last updated on June 16, 2011.

(Updated sections are indicated with an asterisk *)

This project update summarizes the project activities and decisions of the IASB and the FASB (Boards). It was prepared by the staff and is for the information and convenience of their constituents. All decisions of the Boards are tentative, may change at future Board meetings, and do not change current accounting and reporting requirements. Decisions of the Boards become final only after extensive due process.

Project Objective
*Due Process Documents
*Decisions Reached at Last Meeting
*Summary of Decisions Reached to Date
*Next Steps
Board/Other Public Meeting Dates
Background Information
Contact Information
 

Project Objective

The objective of this joint project is to provide guidance on reporting comprehensive income for all entities.

*Due Process Documents

On June 16, 2011, the Board completed this project with the issuance of Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.

Update 2011-05   
Comment Letters on Proposed Update

*Decisions Reached at the Last Meeting (May 26, 2011)

See Minutes Below

*Summary of Decisions Reached to Date (As of May 26, 2011)

See Accounting Standards Update No. 2011-05

*Next Steps

None.

Board/Other Public Meeting Dates

The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.

May 26, 2011 FASB Board Meeting—Effective Dates
November 17, 2010 Joint Board Meeting—Major Issues from Respondents
October 22, 2010 Joint Board Meeting—Summary of Significant Comments on the Proposed Update
May 4, 2010 Joint Board Meeting—Title of Proposed Accounting Standards Update
April 14, 2010 FASB Board Meeting—April deliberations
February 2, 2010 Joint Board Meeting—Plan to Issue Proposed Accounting Standards Update
October 27, 2009 Joint Board Meeting—Agenda Announcement

Background Information

In July 2009, at the joint FASB and IASB financial instrument project meeting, the Boards made a preliminary decision that an entity should present a single statement of comprehensive income. This issue was initially raised during deliberations for the financial statement presentation project, but the Boards decided to address it in the near-term in a separate project. At the October 2009 joint Board meeting, the Boards unanimously decided to work together to develop guidance on the preparation of a single statement of comprehensive income that is convergent but will be issued separately by the IASB and FASB.

Contact Information

FASB
Patricia Donoghue
Project Manager
padonoghue@fasb.org

IASB
Jon Arnar Baldurs
Project Manager
jbaldurs@iasb.org