Both U. S. GAAP and IFRS include the concept of comprehensive income. Comprehensive income is divided into
Question:
Both U. S. GAAP and IFRS include the concept of comprehensive income. Comprehensive income is divided into net income and other comprehensive income. Read paragraphs 58 through 67 in SFAS No. 130 and paragraph BC49 through BC54 in IAS 1. Also read the discussion of the dissenting opinions in SFAS No. 130.
Required
1. In theory, what four possible reporting methods for OCI could standard setters allow?
2. What are the pros and cons of these four possible methods of reporting OCI?
GAAPGenerally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Question 1 The four possibilities are Disclosed in the notes to the financial statements Included in the statement of stockholders equity Included in a single statement of financial performance that i...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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