Your client took accounting a number of years ago and was unaware of comprehensive income reporting. He is not convinced that any accounting standards exist for comprehensive income.
Instructions
If your school has a subscription to the FASB Codification, go to aahq.org/asclogin.cfm to log in and prepare responses to the following. Provide Codification references for your responses.
(a) What authoritative literature addresses comprehensive income? When was it issued?
(b) Provide the definition of comprehensive income.
(c) Define classifications within net income; give examples.
(d) Define classifications within other comprehensive income; give examples.
(e) What are reclassification adjustments?