Sfas 130

In: Business and Management

Submitted By lu231081
Words 525
Pages 3
Luis F. Rivera
Bronc ID# 0056472420730
Dr. Kathleen Dunne
March 1, 2015

Since 1998, Statement of Financial Accounting Standards (SFAS) 130 established that companies have to report comprehensive income in a financial statement. SFAS 130 provides two methods of how to report comprehensive income: by a continuous statement format where it starts with income statement and then continues with OCI entries or by presenting OCI as an independent statement, starting with net income. However, in 2011 FASB issued Accounting Standards Update (ASU) 2011-05 that eliminates the option of a separate statement to report OCI. Since respondents demonstrated concerns saying that users can get confused with the information if presented in the same statement, FASB and IASB allows the use of “two-statement presentation” approach. Through the research discussed by Charles E. Jordan and Stanley J. Clark in the article “Reporting Preferences under the Comprehensive Income Standards”, the results demonstrated that depending how OCI is reported does affects managers and investors. The use of independent statements to report OCI is preferable by managers.
Managers prefer to use the two-statement approach meaning that operating income and OCI are presented as separate statements so that OCI numbers does not affect income statement. The study demonstrated that this trend is clearly more utilized by more profitable companies than less profitable companies. They do not want the users of the financial statements be confused by the information presented as OCI. According to Jordan and Clark, “Of a sample of Fortune 1000 companies adopting ASU 2011-05 for the first time (i.e., 2012), the overwhelming majority (218 of 250, or 87.2%) reported comprehensive income in a separate statement.” Managers do not want that OCI affect the performance of the operating activity and…...

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