Wiley GAAP 2018, 16th Edition

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. Comprehensive Income
   2. Format of Statement of Income and Comprehensive Income
      1. Entities with an Outstanding Noncontrolling Interest
      2. Items of Other Comprehensive Income
      3. Accumulated Other Comprehensive Income
      4. Reclassification Adjustments
      5. Income Tax Effects
      6. Interim Reporting
      7. Example of single statement of income and comprehensive income with “net of tax” presentation
      8. Example of single statement of income and comprehensive income with “gross of tax” presentation
      9. Example Note X: Income Taxes
   3. Reporting Comprehensive Income in Two Separate but Consecutive Statements of Income and Comprehensive Income
   4. 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

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.

   (ASC 220-10-15-4)

Overview

In financial reporting, performance is primarily measured by net income and its components, which are presented in the income statement. A second performance measure—comprehensive income—is a more ...