Last week, the Financial Accounting Standards Board (FASB) issued its Proposed Accounting Standards Update—Comprehensive Income (Topic 220): Presentation of Items Reclassified Out of Accumulated Other Comprehensive Income.

The proposed ASU should improve the presentation items reclassified out of “accumulated other comprehensive income” (ACOI) “in a manner that balances the benefits to users of financial statements, without imposing significant costs to preparers of financial statements,” says an accompanying release. “The proposed amendments would apply to all public and private organizations, but not to not-for-profit organizations.” A two-page summary is also available in the latest FASB In Focus. Comments on the ASU are due by Oct. 15, 2012.