FINANCIAL STATEMENT PRESENTATION

Comprehensive income – SFAS 130 , IAS 1

TABLE OF CONTINENTS

1.Introduction

2.Statement of purpose

3.Background

4.Significance

5.Description

6.Methodology

7.Problems 8.References

1 .INTRODUCTION

SFAS No. 130, Reporting Comprehensive Income, requires a company to report comprehensive income and its components in a full set of financial statements and is effective for fiscal years beginning after December 15, 1997.

INTRODUCTION

Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes net income and other comprehensive income such as foreign currency translation adjustments.

INTRODUCTION

IAS 1 sets out the overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.

International Accounting Standard 1 , “Presentation of financial statements,” requires companies to report their performance in a statement of comprehensive income.

INTRODUCTION

Statement of Comprehensive Income Comprehensive income for a period

includes profit or loss for that period plus other comprehensive income recognized in that period.

2 .STATEMENT OF PURPOSE

What is the FASB and IASB financial statement presentation joint project?

What is the definition of Comprehensive Income according to SFAS 130 and IAS 1, and what are the amendments on the standards?

How both standards influence on each others?

What are the effects on the amendments ?

3 .BACKGROUND

We have previously studied part of this subject in ‘Accounting principles’ and we are still studying it in ‘International Accounting’...

So we decided to develop our knowledge about the whole subject, and clear our vision towards Comprehensive Income.

4 .SIGNIFICANCE

1) it’s one of the most implied subjects in the FASB projects.

2) It’s useful for graduation students to know the new updates on this subject.

3) It’s important for NGOs and international companies here to stay updated with the most recent information about Financial Statement Presentation.

4) It helps the researchers to understand the improvements in this area.

5 .DESCRIPTION

Our research is Internet Based Research.

Part 1: Introduction

1.1 overview

1.2 objective of the study

1.3 Definition of terms

1.4 FASB & IASB financial statement presentation

project

DESCRIPTION

Part 2: FASB – SFAS 130

2.1 Introduction to SFAS 130

2.2 Interaction of ASC 220 - GAAP

2.3 comprehensive income elements

2.4 Presenting information for comprehensive income

2.5 Amendments to SFAS 130

2.6 Evaluation of SFAS 130

2.7 Summary

DESCRIPTION

Part 3: IASB- IAS 1

3.1 Introduction to IAS 1

3.2 Comprehensive Income classification and items

3.3 Presentation of Comprehensive Income

3.4 Amendment to IAS 1

3.5 Interaction with other projects

3.6 Is comprehensive income required by IAS 1 relevant for users?

3.7 Summary

DESCRIPTION

Part 4: Conclusion

4.1 Convergence of SFAS 130 & IAS 1

4.2 Effects of amendments on both standards

4.3 Conclusion

4.4 References

6. METHODOLOGY

We will use these methods in our research : Observational methods : we will directly

observe the standards from its sites. Analytical method: working on analyzing

standards Descriptive method: identifying and classifying

the elements and characteristics of the subject. Direct quotation method: copying the original

text because of the need to repeat it exactly as it appears.

7 .PROBLEMS

1) Limited recourses and time.

2) Lack of ability to add advanced data on previous studies.

3) Facing complications due to deactivation of the project this year.

SOLVING THE PROBLEMS

We will try to solve the previously listed problems by: Giving more time into the research. Studying previous researches in order to

avoid duplication of data. Seek the help of more specialized people

in this area.

8 .REFERENCES

E-books : Willey GAAP booksInternational accounting text bookwww.book.google.pswww.iasplus.comwww.ifrsclass.comwww.ifrs.orgwww.nysscpa.org

THANK YOU..

Presented by:Sarah AliyanKayan AlSarraj

Supervised by:Mr. Emad AbuShabaan