case 1 - Comprehensive Income FASB ASC 220-10-05 The change...

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Comprehensive Income FASB ASC 220-10-05 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. FASB ASC 220-10-10-01 The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. FASB ASC 220-10-10-03 Although total comprehensive income is a useful measure, information about the components that make up comprehensive income also is needed. A single focus on total comprehensive income is likely to result in a limited understanding of an entity's activities. Information about the components of comprehensive income often may be more important than the total amount of comprehensive income. Reclassification Adjustments
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This note was uploaded on 04/05/2011 for the course ACC 310 taught by Professor Drogt during the Fall '10 term at Grand Valley State.

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