An Issues Paper on Comprehensive Income

The FASB recently issued an exposure draft on reporting comprehensive income. The Exposure Draft, however, is limited in scope, amounting to a reformatting of the income statement and balance sheet. Paragraph 54 of the Exposure Draft recognizes that the calculation and reporting of comprehensive inc...

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Bibliographic Details
Published in:Accounting horizons 1997-06, Vol.11 (2), p.120
Main Authors: Linsmeier, Thomas J, Gribble, John, Jennings, Ross G, Lang, Mark H, Penman, Stephen H, Petroni, Kathy R, Shores, D, Smith, John H, Warfield, Terry D
Format: Article
Language:English
Subjects:
Accounting
Accounting procedures
Balance sheets
Book value
Cash flow statements
Dividends
Earnings
Earnings per share
Economic value added
Equity
Exposure drafts
FASB exposure drafts
FASB statements
Financial reporting
Financial statements
Income
Net income
Present value
Profitability
Profits
Valuation
Value creation
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Summary:The FASB recently issued an exposure draft on reporting comprehensive income. The Exposure Draft, however, is limited in scope, amounting to a reformatting of the income statement and balance sheet. Paragraph 54 of the Exposure Draft recognizes that the calculation and reporting of comprehensive income involves broader issues. The Committee feels that these issues are at the heart of the accounting model and are important for the use of accounting information. A paper discusses these issues with the purpose of aiding the development of an agenda based on comprehensive income reporting.
ISSN:0888-7993
1558-7975