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Submitted By Sotheavy
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a) Messrs. Cope and Foster dissent from this Statement because it permits an enterprise to display the items of other comprehensive income identified in this Statement with less prominence and to characterize them differently from other items of comprehensive income that are currently included in net income. Messrs. Cope and Foster believe that a primary objective in undertaking a project on reporting comprehensive income was to significantly enhance the visibility of items of other comprehensive income. They also believe that the Board inappropriately failed to respond to the clear and unequivocal call from users of financial statements for the transparent presentation of all items of comprehensive income, whose request is acknowledged in paragraphs 40 and 41 of this Statement. They also note that, as evidenced by the basis for conclusions in the Exposure Draft, the Board held views similar to theirs when it issued that document.
We agree with Messrs. Cope and Foster’s concerns. If the companies choose to report the items of other comprehensive income in the Statement of Changes in Equity, the visibility of these items will be decreased because there are many other important item in this statement, and the users may not focus on the important items of other comprehensive income, and at the same time, net income is reported in the Income Statement, which will make the financial statement users focus more on net income and earnings per share but not the items of other comprehensive income.
b) We believe that potential adoption of IFRS by U.S. companies may improve reporting of comprehensive income and increase its usefulness for decision making by investors. By presenting items of income and expense and components of OCI either in a single statement of comprehensive income with subtotals, or in two separate statements, the financial statements preparers put OCI in…...

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