MEDIA ADVISORY 10/12/11
FASB Adds Agenda Project to Consider Deferring Certain Aspects of
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
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
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.