Joanne M. Flood - Wiley GAAP - Financial Statement Disclosure Manual

The aggregate tax effect of those significant reclassifications on the line item for income tax expense or benefit.(ASC 220‐10‐45‐17A)

If an entity uses a separate line item in the income statement to present pension or other postretirement benefit cost components reclassified out of AOCI, the entity is not required to present those items parenthetically. (ASC 220‐10‐45‐17A)

If an entity chooses or is required to place the information reclassified out of AOCI in the notes, it should provide:

The significant amounts by each component of AOCI,

A subtotal of each component of AOCI, and

For those amounts required by other Topics to be reclassified to net income in their entirety in the same reporting period, the line items affected by the reclassification.

If a component is only partially reclassified to net income, entities must cross‐reference to the related footnote for additional information. (ASC 220‐10‐50‐6)

Interim ReportingFor interim reporting, entities must present a total for comprehensive income but are not required to present the individual components of OCI. Entities that present two statements in their annual financial reports have the option of using a single‐statement approach in their condensed interim financial statements. Using one statement avoids the presentation of a separate statement of comprehensive income that contains only one line item for total comprehensive income. (ASC 220‐10‐45‐18) Nonpublic entities are not required to meet the requirements for reclassifications in interim reporting. (ASC 220‐10‐45‐18B)

Items that are unusual or infrequent should be reported as a separate component of income from continuing operations or in the notes. The EPS effect of these items should not be reported on the face of the income statement. (ASC 220‐20‐45‐1 and 50‐1)

In addition, the entity should disclose the nature and financial effects of each event or transaction on the face of the income statement as a separate component of continuing operations, or alternatively, in notes to financial statements. (ASC 220‐20‐50‐3 and 45‐16)

In general, proceeds from insurance claims are classified based on the nature of the loss and requires judgment. As long as it does not conflict with other guidance, entities should classify recoveries from business interruption insurance in the statement of operations. (ASC 220‐30‐45‐1) In the notes to the financial statements, the entity should include:

The nature of the event causing business interruption losses.

Aggregate amount of interruption insurance recoveries and the line item where classified.(ASC 230‐30‐50‐1)

The proceeds related to lost assets should not be recorded as reductions of the costs to rebuild or replace the insured asset.