OCI items

[JRSB]

Hi, out of interest is anyone aware of a comprehensive list of items that might appear in OCI, split of course by those which will be subsequently recycled and those which won't?

It can be found by going through each standard naturally but I don't think I've seen some 'complete' summary of these. I know there are some good model accounts which show many of the OCI items in their model but these aren't clear if they are comprehensive.

Many thanks

[Yasaswi Gomes]

Items that can be reclassified into P&L:

FX gains from translation of foreign operations.

Share of Associate’s OCI.

Change in value of effective portion of derivatives designated in qualifying cash flow hedges.

Tax related to OCI items that can be reclassified to P&L

Items that cannot be reclassified into P&L:

Revaluation of PPE.

Remeasurement of net defined benefit liability loss/gain from investments in equity instruments measured at FVTOCI.

FVTPL- Changes in fair value attributable to changes in the liability’s credit risk.

Tax related to OCI item should that cannot be reclassified to P&L.

[JRSB]

Thanks. Is that the correct classification for share of Assoc/JV OCI?

[JRSB]

Oh, could be either IAS 1, 82A(B)

the share of the other comprehensive income of associates and joint ventures accounted for using the equity method, separated into the share of items that, in accordance with other IFRSs:
(i) will not be reclassified subsequently to profit or loss; and
(ii) will be reclassified subsequently to profit or loss when specific conditions are met.

[JRSB]

What about debt classified as FVOCI (to collect cash flows and for trading, ie held for liquidity positions) etc?

(This is why I'm looking for a comprehensive list)

[Yasaswi Gomes]

‘FX gains from translation of foreign operations.’- On disposal of a foreign operation (Scope of IAS 21)

[Yasaswi Gomes]

Hi, I have gone through IFRS Committee staff recommendation related to your query below:

1. presentation of items aggregated in a single line item; or

2. or presentation of items separately by nature;

3. or presentation of items separately by nature aggregated within the corresponding line item of similar items of the reporting entity.

IFRS Committee agrees that the first view is most consistent with standard’s presentation of line items in OCI arising from equity investments. The Committee also agreed to make consequential amendments which I could not find online. Then I searched further and found out that equity investments revaluation/remeasurement cannot be reclassified into profit or loss. So combining both, you have to present all equity based investments as an aggregate into a single line item i.e., Investment in Associates A+Investment in Joint venture B+Investment in Associates C= Aggregate equity accounted investments in OCI under line items that cannot be reclassified to Profit or Loss.

https://www.iasplus.com/en/meeting-note ... 3/ias1-oci

https://www.iasplus.com/en/standards/ias/ias1

[pub_acco]

How about IFRS Taxonomy Illustrated?

https://www.ifrs.org/issued-standards/i ... trated2020

[Yasaswi Gomes]

Finally, all FVTOCI is presented under ‘Items that cannot be reclassified into profit or loss’.

[JRSB]

How about IFRS Taxonomy Illustrated?

https://www.ifrs.org/issued-standards/i ... trated2020

Looks like p 36 doesn't include all the OCI items ?

[JRSB]

How about IFRS Taxonomy Illustrated?

https://www.ifrs.org/issued-standards/i ... trated2020

Looks like p 36 doesn't include all the OCI items ?

Oh p 13/14 might be just the ticket

[pub_acco]

Yep. I usually take a look at ITI for comprehensive lists. The line item labels are so redundant and not cool though.

[JRSB]

Ta. What's your professional capacity @pub_accro, in broad terms, if I may ask? I don't imagine many people study the IFRS taxonomies

[JRSB]

Hi, I have gone through IFRS Committee staff recommendation related to your query below:

1. presentation of items aggregated in a single line item; or

2. or presentation of items separately by nature;

3. or presentation of items separately by nature aggregated within the corresponding line item of similar items of the reporting entity.

IFRS Committee agrees that the first view is most consistent with standard’s presentation of line items in OCI arising from equity investments. The Committee also agreed to make consequential amendments which I could not find online. Then I searched further and found out that equity investments revaluation/remeasurement cannot be reclassified into profit or loss. So combining both, you have to present all equity based investments as an aggregate into a single line item i.e., Investment in Associates A+Investment in Joint venture B+Investment in Associates C= Aggregate equity accounted investments in OCI under line items that cannot be reclassified to Profit or Loss.

https://www.iasplus.com/en/meeting-note ... 3/ias1-oci

https://www.iasplus.com/en/standards/ias/ias1

Thanks YG

[Marek Muc]

I don't imagine many people study the IFRS taxonomies

that's going to change very soon due to ESEF

[JRSB]

I note even the most recent taxonomy includes old items such as Available for Sale movements....ahhhh

[Marek Muc]

are you doing some comprehensive research into OCI and conceptual basis for distinguishing between P/L and OCI?

[JRSB]

I think it's poorly taught, poorly known by reporters and poorly adhered to..

[Marek Muc]

agreed when it comes to understanding and noticing OCI, but adhering to? any particular item that you believe is too often reported in P/L instead of OCI?

[JRSB]

Also the standard sets out this list (without info about reclassification):

The components of other comprehensive income include:
(a) changes in revaluation surplus (see IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets);
(b) remeasurements of defined benefit plans (see IAS 19 Employee Benefits);
(c) gains and losses arising from translating the financial statements of a foreign operation (see IAS 21 The Effects of Changes in Foreign Exchange Rates);
(d) gains and losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9 Financial Instruments;
(da) gains and losses on financial assets measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9.
(e) the effective portion of gains and losses on hedging instruments in a cash flow hedge and the gains and losses on hedging instruments that hedge investments in equity instruments measured at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9 (see Chapter 6 of IFRS 9);
(f) for particular liabilities designated as at fair value through profit or loss, the amount of the change in fair value that is attributable to changes in the liability’s credit risk (see paragraph 5.7.7 of IFRS 9);
(g) changes in the value of the time value of options when separating the intrinsic value and time value of an option contract and designating as the hedging instrument only the changes in the intrinsic value (see Chapter 6 of IFRS 9);
(h) changes in the value of the forward elements of forward contracts when separating the forward element and spot element of a forward contract and designating as the hedging instrument only the changes in the spot element, and changes in the value of the foreign currency basis spread of a financial instrument when excluding it from the designation of that financial instrument as the hedging instrument (see Chapter 6 of IFRS 9);
(i) insurance finance income and expenses from contracts issued within the scope of IFRS 17 Insurance Contracts excluded from profit or loss when total insurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of IFRS 17, or by an amount that eliminates accounting mismatches with the finance income or expenses arising on the underlying items, applying paragraph 89(b) of IFRS 17; and
(j) finance income and expenses from reinsurance contracts held excluded from profit or loss when total reinsurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of IFRS 17.

[pub_acco]

XBRL disclosure has already been required in my country and thus it’s been a quite common practice to go through taxonomies to find an “official” chart of accounts