Income Statements and Comprehensive Income Proposed changes to accounting standards often create ripple effects. In addition, the way a standard affects "goods sold" may be different than how it affects "prior period adjustments." This Discussion will allow you to explore how accounting promulgations affect various areas of practice.

With these thoughts in mind

Using the FASB website and your Learning Resources for this week, post by Day 3 an explanation of the difference between current operating performance, all-inclusive income and comprehensive income with regard to one of the following:

• Costs of goods sold Selling expenses Extraordinary items Prior period adjustments

Be sure to explain any differences that would affect how the item chosen would be reported