All of the following components of oci are reclassified to retained earnings, except

In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance changes how employers that sponsor defined benefit pension or other postretirement benefit plans present the net periodic benefit cost in the income statement. Additionally, significant pension cost or other postretirement benefit cost components reclassified out of AOCI are no longer required to be disclosed parenthetically provided they are presented separately on the income statement. See Figure FSP 4-8 for an example of such disclosure.

ASU 2017-07 was effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. See FSP 13.3.

In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 permits a company to reclassify disproportionate tax effects in AOCI caused by the Tax Cuts and Jobs Act of 2017 (the 2017 Act) to retained earnings. The FASB refers to these disproportionate tax effects as "stranded tax effects." Only the stranded tax effects resulting from the 2017 Act are eligible for reclassification. The reclassification amount should include the effect of the change in the US federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of enactment of the law (December 22, 2017) related to items remaining in AOCI. In addition, reporting entities may choose to include in their reclassification other income tax effects related to the application of the 2017 Act on items remaining in AOCI.

ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. Refer to FSP 16.2 for further discussion.

In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2018-03 introduced amendments to clarify certain aspects of the guidance issued in ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2018-03 clarifies that when the fair value option is elected for a financial liability, the guidance in ASC 825-10-45-5 should be applied, regardless of whether the fair value option was elected under either ASC 815-15, Derivatives and Hedging—Embedded Derivatives, or ASC 825-10, Financial Instruments—Overall. Under this guidance, entities present the portion of the total change in the fair value of the liability that results from a change in the instrument-specific credit risk separately in other comprehensive income.

In addition, ASU 2018-03 clarifies that for foreign currency-denominated financial liabilities for which the entity has elected the fair value option, the amount of the change in fair value that relates to instrument-specific credit risk first should be measured in the currency of denomination when presented separately from the total change in fair value of the financial liability. Both components of the change in fair value of the liability should then be remeasured into the functional currency of the reporting entity using end-of-period spot rates. The remeasurement of the change in fair value of the instrument-specific credit risk should be presented in accumulated other comprehensive income.

ASU 2018-03 was effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019 (the same as the effective date for ASU 2016-01). Early adoption is permitted as long as ASU 2016-01 has also been adopted.

ASU 2018-09  In July 2018, the FASB issued ASU 2018-09, Codification Improvements. ASU 2018-09 clarifies the guidance in ASC 220-10-45-10B by removing the generic phrase “taxes not payable in cash” and adding guidance that is specific to certain quasi-reorganizations. This was done to clarify that while the guidance no longer applies to bankruptcy organizations, it is applicable to quasi-organizations.

The amendment introduced by ASU 2018-09 was effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within those years. For all other entities, the guidance is effective for annual period beginning after December 15, 2019 and interim periods within annual periods beginning after December 15, 2020.

What are the three components of retained earnings?

What are the 4 components of other comprehensive income?

What are items that will not be reclassified to profit or loss?

Which should not be considered a component of OCI?