Wiley GAAP 2021, 2nd Edition

5ASC 220 INCOME STATEMENT— REPORTING COMPREHENSIVE INCOME

1. Perspective and Issues
   1. Subtopics
   2. Scope
   3. Overview
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. ASC 220‐10, Overall—Comprehensive Income
   2. Format of Statement of Income and Comprehensive Income
      1. Basic Order of Income and Comprehensive Income Statements
      2. Entity Name
      3. Statement Titles
      4. Statement Date
      5. Consistency of Form
      6. Aggregation
   3. Income from Continuing Operations
      1. Single‐Step Format
      2. Example—A Single‐Step Format for Income from Continuing Operations
      3. Multiple‐Step Format
      4. Example of a Multiple‐Step Format for Income from Continuing Operations
      5. Items Included in Income from Continuing Operations
      6. Net Income
      7. Entities with an Outstanding Noncontrolling Interest
   4. Items of Other Comprehensive Income
      1. Income Tax Effects
      2. Accumulated Other Comprehensive Income
      3. Reclassification Adjustments
      4. Interim Reporting
   5. Reporting Comprehensive Income in a Combined Statement of Income and Comprehensive Income
      1. Example of a Combined Statement of Income and Comprehensive Income with “Net of Tax” Presentation
      2. Example of a Combined Statement of Income and Comprehensive Income with “Gross of Tax” Presentation
   6. 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
   7. Pro Forma Earnings
   8. ASC 220‐20, Unusual Items or Infrequently Occurring Items
      1. Unusual Nature
      2. Infrequency of Occurrence