Other Comprehensive Income (summary of report)

OCI has emerged at the forefront of accounting topics due to its relevance and material impact that it could have on the financial statements of Canadian Corporations. The United States and IASB have both strongly examined the impact of a shift to more fair value reporting where OCI will have its largest impact. With Canada now adopting the IASB standards, OCI now needs to be examined by Canadians to evaluate the benefits and consequences of adopting this standard.

Our paper subjects in order of discussion will include the impact of the fair value reporting of foreign exchange gains and losses on the conceptual framework and existing financial disclosure, comparison with the IASB standards and how government agencies will view the new standard specifically the Canadian Revenue Agency. The papers final topic will be the discussion of implementing a fourth financial statement, the comprehensive income statement and the effect on current financial statements including the user's reliability on such a statement.

We will apply the conceptual framework to the paper by examining the effects of OCI on the financial statements and the reliance and relevance that is applied by users in the evaluation of the information disclosed.

Our resources so far include numerous internet resources and text book references.