The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

4.7 CAPTIONS AND LINE ITEMS

4.7.1 Minimum Line Items on the Face of the Statements of Income

IAS 1 simply lists certain items that entities must present on the face of the statement of comprehensive income, without prescribing a sorting order and subtotals that may represent logical subclassifications of income. On the other hand, U.S. GAAP has a piecemeal guidance on presentation interspersed among various accounting pronouncements.

Exhibit 4-8 summarizes the minimum content of the statements of income IFRSs, U.S. GAAP, and SEC rules and regulations. Exhibit 4-10 does the same for insurance entities, while Exhibit 4-12, Exhibit 4-14, Exhibit 4-16, and Exhibit 4-18 refer to banks and similar financial institutions, investment companies, benefit plans, and real estate, respectively. Exhibit 4-7 reports a general key to all these Exhibits.

Comment: These Exhibits refer to the statement of comprehensive income and reports a subtotal for profit or loss (under U.S. GAAP, net income), a total for other comprehensive income and a total for comprehensive income. To the extent that an entity is permitted and presents an income statement (i.e., under ASU 2011-05, a statement of net income or, under the 2011 Amendments to IAS 1, a separate statement of profit or loss), the part of the Exhibits up to such a subtotal is illustrative of the minimum content of the income statement. To the extent that an entity uses a single statement of comprehensive income (i.e., under ASU 2011-05, a continuous ...