5 ASC 220 COMPREHENSIVE INCOME
PERSPECTIVE AND ISSUES
ASC 220, Comprehensive Income, consists of one topic:
- ASC 220-10, Overall, which provides guidance on the reporting, presentation, and disclosure of comprehensive income.
Per ASC 220-10-15-4, the ASC 220 does not apply to the following entities:
- Those that do not have any items of comprehensive income
- Those not-for-profit entities that are required to follow the guidance in ASC 958-205.
In financial reporting, performance is primarily measured by net income and its components, which are provided in the income statement. During the 1990s, a second performance measure was introduced—comprehensive income—which is a more inclusive notion of performance than net income. It includes all recognized changes in equity that occur during ...