K 21-22 Home Announcements Syllabus Modules Discussions Grades People Google Drive Office 365 McGraw-Hill Connect Collaborations Module 8 Discussion Post Titan Networking became a public company through and IPO (initial public offering two weeks ago. You are looking forward to the challenges of being assistant controller for a publicly owned corporation. One such challenge came in the form of a memo in this morning's in-box from Mr. Franklin, your boss. "We need to start reporting comprehensive income in our financials," the message from your boss said. "Do some research on that, will you? The concept didn't exist when I went to school." In response, you sought out the financial statements of Cisco Systems, the networking industry leader. The following are excerpts from disclosure notes from Cisco's 2021 annual report CISCO SYSTEMS, INC. Consolidated Statements of Comprehensive Income (in millions) July 31, 2021 July 25, 2020 $ 10.591 $ 11,314 July 27, 2019 $ 11,621 Year Ended Net Income Available for sale investments: Change in net unrealized gains and losses, net of tax benefit (expense) of $46, $(84), and $(101) for fiscal 2021,2020, and 2019, respectively (95) 336 459 Net (gains) losses reclassified into earnings, net of tax expense (benefit) of $15, $21, and $6 for fiscal 2021, 2020, and 2019, respectively (38) 1211 19 (133) 315 478 VidGrid Portal Folio Badges Cash flow hedging instruments: Change of unrealized gains and losses, net of tax benefit (expense) of $(4), 50 for fiscal 2021,3030, and 2019, respectively Net (gains) losses reclassified into carnings, not of tax (benefit) expense of $3, $0, and $0 for fiscal 2021, 2020, and 2019, respectively 16 7 (11) wwww Jau 131 Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense) of $(2), $15), and $15 for fiscal 2021, 2020, and 2019, respectively 1230) 1501 12501 102 73 225 10493 11482 11,846 Other comprehensive income Comprehensive income See Notes to Consolidated Financial Statements Required: 1. Locate the financial statements of Cisco in the Investor Relations section of Cisco's website. Search the 2021 annual report for information about how Cisco accounts for comprehensive income. What does Cisco report in its balance sheet for 2021 Accumulated other comprehensive income (AOC? 2. From the information Cisco's financial statements provide, show the calculation of the change in the accumulated other comprehensive income from the end of fiscal 2020 to the end of fiscal 2021. Hint: One component of the change is Comprehensive income) is Gains)/losses reclassified out of AOC. See Note 17, page 941. 3. Access the FASB Accounting Standards Codification at the FASB website (FASB Codification Access). Identify the specific sight-digit Codification citation (XXX-XX-XX-X) from the authoritative literature that describes the two alternative formats for reporting comprehensive income. 4. Write a professional email explaining to your boss what you discovered in Cisco Systems financial statements, referencing the information in questions 1 through 3. Professional email resource: How To Write a Professional Email by Indeed Editorial Team