Wiley GAAP 2016

5Asc 220 Comprehensive Income

1. Perspective and Issues
   1. Subtopic
   2. Scope Exceptions
   3. Overview
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. Limitations of the Income Statement
   2. Other Comprehensive Income
      1. Items of Comprehensive Income
   3. Format of Statements of Income and Comprehensive Income
      1. Reclassification Adjustments
      2. Example of Single Statement of Income and Comprehensive Income with “Net of Tax” Presentation
      3. Example of Single Statement of Income and Comprehensive Income with “Gross of Tax” Presentation
      4. Example Note X: Income Taxes
   4. Reporting Comprehensive Income in Two Separate but Consecutive Statements of Income and Comprehensive Income
      1. Example of two Separate but Consecutive Statements of Income and Comprehensive Income—Net of Tax Presentation

Perspective and Issues

Subtopic

ASC 220, Comprehensive Income, consists of one topic:

• ASC 220-10, Overall, which provides guidance on the reporting, presentation, and disclosure of comprehensive income.

Scope Exceptions

Per ASC 220-10-15-4, the ASC 220 does not apply to the following entities:

1. Those that do not have any items of comprehensive income.
2. Those not-for-profit entities that are required to follow the guidance in ASC 958-205.

Overview

In financial reporting, performance is primarily measured by net income and its components, which are provided in the income statement. A second performance measure—comprehensive income—is a more inclusive notion of performance than net income. It includes all recognized changes ...