You have graduated with your business degree and recently commenced work with a leading firm of public accountants. A number of important clients have become aware of possible changes to the reporting of Other Comprehensive Income (OCI) as highlighted in the IASB's Conceptual Framework Discussion Paper 2013/1. They have expressed concern regarding the implications of these changes. While the partners of the firm have been able to communicate with clients about this issue, and are aware that it is by no means resolved, they have asked you to prepare a background report for presentation to other staff members to brief them on: • a concise background on the history, rationale and present requirements regarding the presentation of Other Comprehensive Income; • an explanation of why practitioners, standard setters and researchers have identified the issue of Other Comprehensive Income as problematic; • a summary of current international developments relating to Other Comprehensive Income and their possible implications for Australian reporting entities. The partners require that the report is presented in simple language and in an interesting, easy-to-read format. Due date: The report is due on Friday 17 April 2015 by 7:00 pm, prior to the partners' annual retreat. Length. The report is to have a maximum word length of 1,000 words, excluding the one-page executive summary, appendices and reference list. The Report will consist of: • a cover page, which shows the title of the report and the author; • a table of contents; • a one-page executive summary; • the report itself (including an Introduction and Conclusion); • a page of references; and • appendices (if relevant). • (NOTE: attached at the start of the report will be the QUT Business School Assignment Cover Sheet – available on Blackboard - with Declaration signed and the two-page Assignment Criteria Sheet – see pages 5 and 6)