Keywords: Thailand, IFRS, International Accounting Standards Board, IASB, IAS 1
These amendments change a number of rules on the presentation of other comprehensive income.
The option to present comprehensive income in one or two statements (i.e. a profit or loss statement, followed immediately by a statement of comprehensive income) is maintained in the final version of the text, despite the fact that the exposure draft had proposed to abolish this option.
The amendments to IAS 1 concern:
– the change of name of the statement of comprehensive income (terminology which was, and will remain, optional):
The term ‘statement of profit or loss and other comprehensive income’ will be used in future. In practice, preparers will be able to continue to use the terms used at the time that the notion of comprehensive income came into use (1January 2009).
– the grouped presentation of the components of other comprehensive income:
• on the one hand, presentation of elements which will not be subsequently reclassified in profit or loss;
• on the other hand, presentation of elements which will be subsequently recycled in profit or loss.
The proportion in the result of associates and joint ventures recognised under the equity method must be allocated to one or the other of these two categories, depending on the nature of the underlying income element
– the presentation of the tax impact associated with each item of other comprehensive income:
Where an entity chooses to present the amounts before tax, the total amount of tax presented must in the future be separated into the part relating to items which will never be subsequently reclassified in profit or loss and that relating to other items. The new version of IAS 1 retains the option to present items of OCI either before tax or net of tax.
The effective date of these amendments will be 1 July 2012.