Exposure Draft on Presentation of Items of Other Comprehensi

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BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

Exposure Draft on Presentation of Items of Other Comprehensive Income: proposed amendments to IAS 1 - (28-06-2010)

The International Accounting Standards Board (IASB) has issued Exposure Draft on proposed amendments to IAS 1 Presentation of Financial Statements to improve the presentation of items of other comprehensive income (OCI). At present entities have an option in IAS 1 to present either a statement of comprehensive income or two separate statements of profit or loss and other comprehensive income. This exposure draft proposes to require that entities present profit or loss and other comprehensive income in separate sections of a continuous statement.

Invitation to comments

ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at https://www.iasb.org/NR/rdonlyres/A366AC39-6AE3-4516-A81D-ACFB4A9E5D42/0/EDIAS19DefinedBenefit.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than August 16, 2010. Comments can also be sent by e-mail at asb @ icai.org or edcommentsasb @ icai.org.

Replies (2)

BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

Exposure Draft on Defined Benefit Plans: proposed amendments to IAS 19 - (28-06-2010)

The International Accounting Standards Board (IASB) has issued this Exposure Draft containing the proposals to amend IAS 19 Employee Benefits. The proposals would amend the accounting for defined benefit plans through which some employers provide long-term employee benefits, such as pensions and post-employment medical care. In defined benefit plans, employers bear the risk of increases in costs and of possible poor investment performance. The amendments would address deficiencies in IAS 19 by requiring entities:

to account immediately for all estimated changes in the cost of providing these benefits and all changes in the value of plan assets (often referred to as removal of the ‘corridor’ method);
to use a new presentation approach that would clearly distinguish between different components of the cost of these benefits; and
to disclose clearer information about the risks arising from defined benefit plans.

Invitation to comments

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than July 31, 2010. Comments can also be sent by e-mail at asb @ icai.org or edcommentsasb @ icai.org.

BALASUBRAMANYA B N

CCI STUDENT....

44687 Points Joined January 2009

Exposure Draft on Fair Value Option for Financial Liabilities - (28-06-2010)

Many users of financial statements and other interested parties have urged the International Accounting Standards Board (IASB) to develop a new standard of financial reporting for financial instruments that is principle-based and less complex, because requirements in existing IAS 39 are difficult to understand, apply and interpret. As a result, in July 2009 the IASB published an exposure draft Financial Instruments: Classification and Measurement, followed by IFRS 9 Financial Instruments in November 2009.

This Exposure Draft proposes changes to the fair value option (FVO) for financial liabilities. The proposals aim to ensure that changes in the credit risk of liabilities that an entity chooses to measure at fair value will not cause volatility in profit or loss. Therefore, the proposals will affect only those entities that choose to apply the FVO to their financial liabilities.

Invitation to comments

ASB invites comments on the Exposure Draft from the public. The downloadable version of the draft is available at https://www.iasb.org/NR/rdonlyres/B72D8EB9-64D0-4766-9EEE-3A27EE2A9617/0/EDFairValueOptionforFinancialLiabilities_WEBSITE.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than July 10, 2010. Comments can also be sent by e-mail at asb @ icai.org or edcommentsasb @ icai.org.