This exposure draft, issued in June 2010 by the AASB, proposes to eliminate one of the presentation options for the Statement of comprehensive Income by mandating a single statement format whereby the profit or loss and other comprehensive income are contained in two distinct components of that single statement. In addition, it is proposed that items of other comprehensive income that will never be recycled through the profit or loss should be presented separately from items that will be recycled. A standard is due for issue this quarter.


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Rob Mackay
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rmackay@moorestephens.com.au

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