BCZ279 In the 2006 Exposure Draft, the IASB proposed that an entity should separately present reclassification adjustments. These adjustments are the amounts reclassified to profit or loss in the current period that were previously recognised in other comprehensive income. The IASB decided that adjustments were necessary to avoid double-counting items in total comprehensive income when those items are reclassified to profit or loss in accordance with IFRS Accounting Standards. The IASB's view was that separate presentation of reclassification adjustments is essential to inform users of those amounts that are included as income and expenses in different periods - as income or expenses in other comprehensive income in previous periods and as income or expenses in profit or loss in the current period. Without such information, users may find it difficult to assess the effect of reclassifications on profit or loss and to calculate the overall gain or loss associated with available-for-sale financial assets, cash flow hedges and on translation or disposal of foreign operations [IFRS 9 Financial Instruments eliminated the category of available-for-sale financial assets. This paragraph refers to matters relevant when IAS 1 was issued.].

BCZ280 The 2006 Exposure Draft proposed to allow the presentation of reclassification adjustments in the statement of recognised income and expense (now 'statement(s) of financial performance') or in the notes. Most respondents supported this approach.