U.S. GAAP Codification of Accounting Standards Guide by AccountingINFO.com

U.S. GAAP Codification of Accounting Standards

U.S. GAAP Codification

IFRS International Standards

Accounting Standards, ASC

U.S. GAAP Accounting Standards
Codification Topic 220: Comprehensive Income

Principles of Accounting, Intermediate Financial Accounting, U.S. GAAP Textbook

IFRS, IFRS Dictionary, IFRS U.S. GAAP Comparison, IFRS Texbook

Securities Law Library, Accounting by Topic, Accounting Terms Dictionary

Codification Topic 220
Comprehensive Income

Comprehensive Income

SFAS 130, June 1997
"Reporting Comprehensive Income"

Total change in equity = (A) + (B)
(A) Comprehensive Income
(B) Changes in equity due to (B1) and (B2)
(B1) Investments by owners
(B2) Distributions to owners

Comprehensive income = (1) + (2)
(1) Net income
(2) Other comprehensive income (OCI)

Reporting other comprehensive income (OCI)
Three formats
Format 1: Reported in the income statement below net income
Format 2: Reported in the separate statement of comprehensive income
Format 3: Reported in the statement of changes in equity

Format 1 or Format 2 is encouraged

Format 1 or Format 2 is "superior" to Format 3

Items reported as other comprehensive income (OCI)

A. Investments in debt and equity securities
1. Unrealized holding gains and losses
--> on "available for sale" securities

2. Unrealized holding gains and losses
--> due to the transfer from (a) to (b)
(a) held-to-maturity securities
(b) available-for-sale securities

3. The portion of impairment not recognized in earnings
--> for (c) and (d)
(c) available-for-sale debt securities
(d) held-to-maturity debt securities

4. Subsequent increases and decreases
--> in the fair value of available-for-sale securities
--> previously impaired

B. Hedges
5. Gains and losses from the effective portion of cash flow hedges

6. Gains and losses on the hedges of a net investment in foreign operations

C. Pension and other postretirement benefits
7. The portion of gains or losses
--> that is not recognized in net periodic pension cost
--> "corridor approach"

8. Prior service costs or credits in pension

9. Transition assets or obligations in pension
--> not recognized in net periodic pension cost

D. Foreign currency transactions
10. Foreign currency translation adjustments

11. Gains and losses on intra-entity foreign currency transactions

International Financial Reporting Standards (IFRS)

IAS 1: Presentation of Financial Statements

50 Questions on
Accounting Journal Entries
2012 Edition for iPhone and iPad

Create your own eBooks
from iPhone and iPad
(for iBooks and Kindle)

Codification Topic 220
Comprehensive Income

Subtopics of Codification Topic 220

220-10 Overall

Accounting Terms of Codification Topic 220-10

   Available-for-sale-securities
   Comprehensive income
   Net income
   Noncontrolling interest
   Other comprehensive income
   Parent
   Reclassification adjustments
   Subsidiary