case 1 final - Lauren Hanrahan Kyle Gring Kristen Cooper...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Lauren Hanrahan, Kyle Gring, Kristen Cooper FASB Accounting Standards Codification Case #1 ACC 310-02 Due 2/9/2010 1. FASB ASC 220, Comprehensive Income, addresses the reporting and display requirements of comprehensive income and a full set of general purpose financial statements. The original statement that addresses the requirements of comprehensive income is FAS 130: Comprehensive Income. The original pronouncement was issued in June, 1997. 2. FASB ASC 220-10-20 provides the following definition of comprehensive income: The change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. 3. FASB ASC 220-10-45-07 identifies the classifications of comprehensive income within net income. Those classifications include income from continuing operations, discontinued operations, and extraordinary items. This subtopic does not change those classifications or other requirements for reporting results of operations. 4.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 3

case 1 final - Lauren Hanrahan Kyle Gring Kristen Cooper...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online