MEDIA ADVISORY 10/12/11
FASB Adds Agenda Project to Consider Deferring Certain Aspects of
Norwalk, CT, October 12, 2011—Leslie F. Seidman, Chairman of the Financial Accounting Standards Board (FASB), today announced the addition of a FASB agenda project to consider deferring certain aspects of Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.
Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income
In June 2011, the FASB issued the Update, which, among other things, requires separate presentation on the face of the financial statements of items reclassified from other comprehensive income to net income. Recently, stakeholders have raised concerns to the Board about whether they have an adequate amount of time to implement that aspect of the Update and about the level of detail that might result from separately presenting those items reclassified from other comprehensive income to net income.
At a future meeting, the Board will discuss whether to delay the effective date of certain provisions in the Update related to the presentation of reclassification adjustments until the Board has had time to evaluate these concerns.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.