ASC 220 Comprehensive Income

Accounting Standards Codification (ASC) 220, Comprehensive Income, consists of one topic: ASC 220-10, Overall, which provides guidance on the reporting, presentation, and disclosure of comprehensive income. 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 inclusive notion of performance than net income. It includes all recognized changes in equity that occur during a period except those resulting from investments by owners and distributions to owners. Entities are not required to present information about comprehensive income in a continuous statement of income and comprehensive income. Instead, they can present the components of other comprehensive income, the totals of other comprehensive income, and a total for comprehensive income in a statement which must immediately follow a statement of net income.