New comprehensive income display guidance.
by Thomas A. Ratcliffe, Ph.D, CPA
Plain-English Accounting
The FASB has issued Accounting Standards Update [ASU] 2013-02, entitled Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.
The ASU amends the guidance in the FASB Accounting Standards Codification [FASB ASC] Topic 220, entitled Comprehensive Income. The goal behind development of the ASU 2013-02 amendments is to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.
The amendments to FASB ASC 220 do not change current requirements for reporting net income or other comprehensive income in the financial statements. Essentially, all of the information required to be displayed or disclosed in financial statements already are required to be disclosed in the financial statements.
The amendments require reporting entities subject to comprehensive income display requirements to:
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