Ÿ Requires profit or loss as a total or subtotal

Ÿ Including income and expense in profit or loss is classification

Ÿ Describes profit or loss as the primary, but not the only, source of information about an entity’s performance

Ÿ Includes rebuttable presumption that income and expenses are included in profit or loss

Ÿ Requires profit or loss as a total or subtotal

Ÿ Describe the types of items that could be included in OCI

Ÿ The IASB could include income and expense in OCI only in limited circumstances:

s Only when that enhances relevance of profit or loss for the period; and

s Only income and expense from changes in current measures of assets and liabilities

Ÿ Recycle in some or all cases

Ÿ Rebuttable presumption that income and expense included in OCI in one period are subsequently included in profit or loss

Ÿ If no meaningful basis for identifying such a subsequent period → an indication that income and expense should not be included in OCI