Comprehensive Income
GENERAL ACCOUNTING
SECTION 1530 comprehensive income
PURPOSE AND SCOPE
.01 This Section establishes standards for reporting and display of comprehensive income. It does not address issues of recognition or measurement for comprehensive income and its components.
.02 This Section does not apply to not-for-profit organizations (see FINANCIAL STATEMENT PRESENTATION BY NOT-FOR-PROFIT ORGANIZATIONS, Section 4400).
DEFINITIONS
.03 The following terms are used in this Section with the meanings specified:
(a) Comprehensive income is the change in equity (net assets) of an enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
(b) Other comprehensive income comprises revenues, expenses, gains and losses that, in accordance with primary sources of GAAP (see GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, Section 1100), are recognized in comprehensive income, but excluded from net income.
PRESENTATION
.04 ¨ An enterprise should present comprehensive income and its components in a financial statement with the same prominence as other financial statements that constitute a complete set of financial statements. The statement should show:
(a) net income for the period;
(b) each component of revenue, expense, gain and loss that, in accordance with primary sources of GAAP (see GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, Section 1100), is recognized in other comprehensive income, classified by nature; and
(c) the total of (a) and (b). [OCT. 2006]
.05 ¨ An enterprise should disclose separately, either on the face of the statement or in the notes to the financial statements, adjustments to reclassify amounts of revenue, expense, gain and loss previously recognized in other comprehensive income to the income statement, in accordance with primary sources of GAAP. [OCT. 2006]
.06 ¨ An enterprise should
SECTION 1530 comprehensive income
PURPOSE AND SCOPE
.01 This Section establishes standards for reporting and display of comprehensive income. It does not address issues of recognition or measurement for comprehensive income and its components.
.02 This Section does not apply to not-for-profit organizations (see FINANCIAL STATEMENT PRESENTATION BY NOT-FOR-PROFIT ORGANIZATIONS, Section 4400).
DEFINITIONS
.03 The following terms are used in this Section with the meanings specified:
(a) Comprehensive income is the change in equity (net assets) of an enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
(b) Other comprehensive income comprises revenues, expenses, gains and losses that, in accordance with primary sources of GAAP (see GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, Section 1100), are recognized in comprehensive income, but excluded from net income.
PRESENTATION
.04 ¨ An enterprise should present comprehensive income and its components in a financial statement with the same prominence as other financial statements that constitute a complete set of financial statements. The statement should show:
(a) net income for the period;
(b) each component of revenue, expense, gain and loss that, in accordance with primary sources of GAAP (see GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, Section 1100), is recognized in other comprehensive income, classified by nature; and
(c) the total of (a) and (b). [OCT. 2006]
.05 ¨ An enterprise should disclose separately, either on the face of the statement or in the notes to the financial statements, adjustments to reclassify amounts of revenue, expense, gain and loss previously recognized in other comprehensive income to the income statement, in accordance with primary sources of GAAP. [OCT. 2006]
.06 ¨ An enterprise should